Plimoth Trust Co. LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Plimoth Trust Co. LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,305 shares of the company’s stock after selling 1,987 shares during the period. AbbVie comprises about 1.3% of Plimoth Trust Co. LLC’s investment portfolio, making the stock its 21st largest position. Plimoth Trust Co. LLC’s holdings in AbbVie were worth $4,790,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. American National Bank grew its holdings in AbbVie by 4.8% in the 4th quarter. American National Bank now owns 59,392 shares of the company’s stock valued at $9,204,000 after buying an additional 2,695 shares during the period. AXS Investments LLC boosted its position in shares of AbbVie by 3.3% in the fourth quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock worth $1,477,000 after acquiring an additional 307 shares during the last quarter. TCI Wealth Advisors Inc. grew its holdings in AbbVie by 1.0% in the fourth quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock valued at $2,641,000 after purchasing an additional 165 shares during the period. Mizuho Markets Americas LLC increased its position in AbbVie by 33.4% during the fourth quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after purchasing an additional 7,737 shares during the last quarter. Finally, Amplius Wealth Advisors LLC raised its stake in AbbVie by 17.6% during the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock worth $413,000 after purchasing an additional 400 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research analyst reports. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Barclays dropped their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Thursday, June 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Stock Performance

Shares of ABBV stock opened at $163.84 on Thursday. The company’s fifty day moving average price is $164.58 and its two-hundred day moving average price is $167.82. 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 firm has a market capitalization of $289.32 billion, a P/E ratio of 48.62, a P/E/G ratio of 2.19 and a beta of 0.64. AbbVie Inc. has a 12 month low of $132.70 and a 12 month high of $182.89.

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

AbbVie Announces Dividend

The business also recently declared 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. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

AbbVie Profile

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.