Kovack Advisors Inc. Acquires 2,327 Shares of AbbVie Inc. (NYSE:ABBV)

Kovack Advisors Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 16.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,826 shares of the company’s stock after acquiring an additional 2,327 shares during the quarter. Kovack Advisors Inc.’s holdings in AbbVie were worth $3,064,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie in the fourth quarter worth approximately $26,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie in the 4th quarter worth $33,000. IFS Advisors LLC bought a new position in shares of AbbVie during the 1st quarter worth $36,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of AbbVie during the fourth quarter valued at $37,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie in the first quarter valued at about $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ABBV shares. Piper Sandler reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Tuesday. Barclays cut their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday. Finally, BMO Capital Markets decreased their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $181.07.

AbbVie Trading Down 1.3 %

AbbVie stock opened at $163.84 on Friday. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The stock has a market cap of $289.32 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64. The stock has a 50-day moving average of $164.50 and a two-hundred day moving average of $167.80. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued 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 of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 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.