AbbVie Inc. (NYSE:ABBV) Position Increased by Castle Wealth Management LLC

by · The Cerbat Gem

Castle Wealth Management LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,725 shares of the company’s stock after buying an additional 57 shares during the quarter. Castle Wealth Management LLC’s holdings in AbbVie were worth $361,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. EnRich Financial Partners LLC increased its holdings in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the period. Promus Capital LLC acquired a new position in shares of AbbVie in the 4th quarter valued at about $30,000. Prudent Man Investment Management Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at about $32,000. Pinney & Scofield Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie in the 1st quarter valued at about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 0.4%

ABBV stock opened at $190.78 on Thursday. 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 52-week low of $163.52 and a 52-week high of $218.66. The company has a 50-day moving average of $187.12 and a two-hundred day moving average of $188.23. The stock has a market capitalization of $336.99 billion, a price-to-earnings ratio of 81.18, a price-to-earnings-growth ratio of 1.26 and a beta of 0.48.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.44%. AbbVie’s dividend payout ratio is 279.15%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on ABBV shares. Bank of America upped their target price on AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Citigroup upped their target price on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Evercore ISI increased their price objective on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Finally, Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.29.

View Our Latest Stock Analysis on AbbVie

AbbVie Company 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.

Further Reading

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