AbbVie Inc. (NYSE:ABBV) Shares Acquired by Arcus Capital Partners LLC

Arcus Capital Partners LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 22.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,404 shares of the company’s stock after purchasing an additional 808 shares during the period. Arcus Capital Partners LLC’s holdings in AbbVie were worth $802,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Madrona Financial Services LLC increased its position in AbbVie by 82.9% during the first quarter. Madrona Financial Services LLC now owns 3,311 shares of the company’s stock worth $603,000 after purchasing an additional 1,501 shares during the last quarter. Abundance Wealth Counselors increased its position in AbbVie by 0.9% during the first quarter. Abundance Wealth Counselors now owns 17,830 shares of the company’s stock worth $3,247,000 after purchasing an additional 162 shares during the last quarter. Norden Group LLC increased its position in AbbVie by 2,055.1% during the first quarter. Norden Group LLC now owns 139,587 shares of the company’s stock worth $25,421,000 after purchasing an additional 133,110 shares during the last quarter. Community Bank & Trust Waco Texas increased its position in AbbVie by 0.6% during the first quarter. Community Bank & Trust Waco Texas now owns 35,315 shares of the company’s stock worth $6,431,000 after purchasing an additional 227 shares during the last quarter. Finally, Lake Street Private Wealth LLC increased its position in AbbVie by 4.7% during the first quarter. Lake Street Private Wealth LLC now owns 30,418 shares of the company’s stock worth $5,539,000 after purchasing an additional 1,373 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 1.3 %

Shares of NYSE:ABBV opened at $163.84 on Friday. The firm’s 50 day moving average price is $164.50 and its 200 day moving average price is $167.80. The stock has a market cap of $289.32 billion, a price-to-earnings ratio of 48.62, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

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

AbbVie Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. 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 reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Tuesday. Guggenheim raised their price objective 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. BMO Capital Markets lowered their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

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.