44 Wealth Management LLC Cuts Stake in AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

44 Wealth Management LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 7.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,815 shares of the company’s stock after selling 230 shares during the quarter. 44 Wealth Management LLC’s holdings in AbbVie were worth $590,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ABBV. Vanguard Group Inc. grew its holdings in AbbVie by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock worth $30,754,908,000 after acquiring an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC increased its holdings in AbbVie by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock valued at $6,586,948,000 after buying an additional 983,888 shares during the last quarter. Capital Research Global Investors increased its holdings in AbbVie by 2.3% in the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company’s stock valued at $6,038,898,000 after buying an additional 778,126 shares during the last quarter. Norges Bank acquired a new stake in AbbVie during the fourth quarter valued at approximately $4,459,385,000. Finally, Northern Trust Corp lifted its holdings in AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company’s stock worth $3,878,236,000 after buying an additional 2,299,645 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

Shares of ABBV opened at $189.50 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The firm has a market cap of $334.73 billion, a PE ratio of 80.64, a PEG ratio of 1.27 and a beta of 0.48. The firm’s 50 day moving average price is $187.30 and its 200 day moving average price is $188.36. AbbVie Inc. has a twelve month low of $163.63 and a twelve month high of $218.66.

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, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.46%. The ex-dividend date is Tuesday, July 15th. AbbVie’s payout ratio is currently 279.15%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ABBV shares. BNP Paribas upgraded AbbVie to a “hold” rating in a research note on Thursday, May 8th. Guggenheim increased their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

Check Out Our Latest Research Report 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.

See Also

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