AbbVie Inc. $ABBV Holdings Decreased by Burney Co.

Burney Co. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 28.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 43,325 shares of the company’s stock after selling 17,320 shares during the quarter. Burney Co.’s holdings in AbbVie were worth $9,423,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in ABBV. Chelsea Counsel Co. acquired a new stake in shares of AbbVie during the third quarter worth $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter worth about $28,000. Imprint Wealth LLC boosted its holdings in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after buying an additional 45 shares during the period. Westend Capital Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at about $29,000. Finally, IFC & Insurance Marketing Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at about $31,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Down 2.4%

ABBV stock opened at $254.77 on Tuesday. AbbVie Inc. has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The firm’s 50-day simple moving average is $221.27 and its 200 day simple moving average is $220.47. The stock has a market cap of $450.13 billion, a PE ratio of 125.50, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same period in the previous year, the business posted $2.46 EPS. AbbVie’s revenue was up 12.4% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 14.28 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. The ex-dividend date is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. AbbVie’s payout ratio is currently 340.89%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler reiterated an “overweight” rating and set a $298.00 price objective on shares of AbbVie in a research note on Tuesday, June 23rd. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Morgan Stanley upped their target price on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. DZ Bank upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Finally, BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $256.67.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.