Red Door Wealth Management LLC Boosts Position in AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Red Door Wealth Management LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 10.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 39,395 shares of the company’s stock after acquiring an additional 3,809 shares during the period. AbbVie accounts for about 1.2% of Red Door Wealth Management LLC’s investment portfolio, making the stock its 24th largest position. Red Door Wealth Management LLC’s holdings in AbbVie were worth $8,254,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its holdings in AbbVie by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company’s stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of AbbVie by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company’s stock worth $6,586,948,000 after buying an additional 983,888 shares in the last quarter. Capital Research Global Investors raised its position in shares of 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. Charles Schwab Investment Management Inc. raised its position in shares of AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $4,459,385,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on ABBV shares. Wells Fargo & Company boosted their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Evercore ISI lifted their price objective on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Bank of America upped their target price on AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. BNP Paribas upgraded AbbVie to a “hold” rating in a research report on Thursday, May 8th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

View Our Latest Report on ABBV

AbbVie Price Performance

Shares of NYSE ABBV opened at $181.89 on Monday. 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 1-year low of $163.52 and a 1-year high of $218.66. The company has a market capitalization of $321.29 billion, a price-to-earnings ratio of 77.40, a PEG ratio of 1.21 and a beta of 0.50. The business has a 50-day moving average of $186.21 and a 200-day moving average of $188.12.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly 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. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the prior year, the business earned $2.31 EPS. AbbVie’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared 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 3.61%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 279.15%.

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.

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