Grant GrossMendelsohn LLC Acquires 130 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Grant GrossMendelsohn LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 1.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 7,753 shares of the company’s stock after purchasing an additional 130 shares during the period. Grant GrossMendelsohn LLC’s holdings in AbbVie were worth $1,491,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Steel Grove Capital Advisors LLC raised its position in AbbVie by 1.7% during the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock valued at $553,000 after acquiring an additional 52 shares in the last quarter. Peninsula Wealth LLC grew its holdings in AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock valued at $242,000 after purchasing an additional 54 shares during the last quarter. Connecticut Wealth Management LLC grew its holdings in AbbVie by 1.6% during the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after purchasing an additional 57 shares during the last quarter. Castle Wealth Management LLC grew its holdings in AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after purchasing an additional 57 shares during the last quarter. Finally, Northstar Group Inc. grew its holdings in AbbVie by 0.7% during the first quarter. Northstar Group Inc. now owns 8,512 shares of the company’s stock valued at $1,783,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.4%

Shares of NYSE:ABBV opened at $192.32 on Friday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. 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 company’s fifty day moving average is $187.01 and its 200-day moving average is $188.98. The company has a market capitalization of $339.71 billion, a PE ratio of 81.84, a P/E/G ratio of 1.29 and a beta of 0.48.

AbbVie (NYSE:ABBV – Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the previous year, the company earned $2.31 EPS. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.41%. AbbVie’s dividend payout ratio is presently 279.15%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Bank of America increased their price target on AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Citigroup raised their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Evercore ISI raised their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Finally, BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $211.29.

View Our Latest Report on ABBV

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.

Read More

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).