AbbVie Inc. (NYSE:ABBV) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,955 shares of the company’s stock after selling 391 shares during the quarter. AbbVie accounts for about 1.1% of Carret Asset Management LLC’s investment portfolio, making the stock its 17th largest position. Carret Asset Management LLC’s holdings in AbbVie were worth $9,461,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie during the 4th quarter worth approximately $26,000. Able Wealth Management LLC purchased a new position in AbbVie during the 4th quarter worth approximately $33,000. IFS Advisors LLC purchased a new position in AbbVie during the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. purchased a new position in AbbVie during the 4th quarter worth approximately $37,000. Finally, Clarity Asset Management Inc. purchased a new position in AbbVie during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ABBV shares. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday. Guggenheim lifted their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Stock Performance

Shares of ABBV opened at $163.84 on Thursday. The company’s fifty day moving average price is $164.58 and its 200 day moving average price is $167.82. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market capitalization of $289.32 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 earnings per share. As a group, analysts expect that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.78%. AbbVie’s payout ratio is 183.98%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.