Westside Investment Management Inc. Sells 490 Shares of AbbVie Inc. (NYSE:ABBV)

Westside Investment Management Inc. lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,399 shares of the company’s stock after selling 490 shares during the period. Westside Investment Management Inc.’s holdings in AbbVie were worth $3,166,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Guggenheim upped their price target 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. Barclays decreased their price target 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 reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Thursday, June 20th. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Tuesday. Finally, HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Two equities research 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $181.07.

AbbVie Trading Down 1.3 %

Shares of NYSE ABBV opened at $163.84 on Friday. AbbVie Inc. has a 1 year low of $132.70 and a 1 year high of $182.89. The stock has a market cap of $289.32 billion, a P/E ratio of 48.62, a price-to-earnings-growth ratio of 2.12 and a beta of 0.64. The firm has a 50-day moving average of $164.50 and a 200 day moving average of $167.80. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period last year, the company posted $2.46 EPS. AbbVie’s revenue was up .7% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid 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 yield of 3.78%. AbbVie’s dividend 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.