AbbVie Inc. (NYSE:ABBV) Position Reduced by Summit X LLC

by · The Cerbat Gem

Summit X LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,638 shares of the company’s stock after selling 813 shares during the period. Summit X LLC’s holdings in AbbVie were worth $3,486,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. EnRich Financial Partners LLC increased its holdings in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after buying an additional 110 shares in the last quarter. Abound Financial LLC bought a new position in shares of AbbVie in the first quarter valued at $30,000. Prudent Man Investment Management Inc. acquired a new stake in AbbVie during the 4th quarter valued at $32,000. Siemens Fonds Invest GmbH raised its stake in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Finally, Pinney & Scofield Inc. acquired a new stake in AbbVie during the 4th quarter valued at $36,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Guggenheim boosted their target price on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Morgan Stanley boosted their target price on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Evercore ISI boosted their target price on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Finally, Bank of America boosted their price target on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $211.29.

Get Our Latest Report on AbbVie

AbbVie Stock Down 2.6%

AbbVie stock opened at $186.56 on Wednesday. The firm has a market cap of $329.53 billion, a price-to-earnings ratio of 79.39, a P/E/G ratio of 1.28 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The firm has a fifty day moving average price of $186.90 and a two-hundred day moving average price of $189.19.

AbbVie (NYSE:ABBV – Get Free Report) last released its earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.31 EPS. As a group, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 279.15%.

AbbVie Profile

(Free Report)

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.

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