Avantax Planning Partners Inc. Raises Stock Position in AbbVie Inc. $ABBV

Avantax Planning Partners Inc. lifted its position in AbbVie Inc. (NYSE:ABBV) by 5.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 60,872 shares of the company’s stock after purchasing an additional 3,283 shares during the quarter. Avantax Planning Partners Inc.’s holdings in AbbVie were worth $13,239,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Procyon Advisors LLC boosted its position in shares of AbbVie by 19.9% during the fourth quarter. Procyon Advisors LLC now owns 32,752 shares of the company’s stock valued at $7,484,000 after purchasing an additional 5,427 shares in the last quarter. Waycross Partners LLC grew its position in AbbVie by 2.9% during the 4th quarter. Waycross Partners LLC now owns 182,476 shares of the company’s stock valued at $41,694,000 after purchasing an additional 5,063 shares during the last quarter. Calamos Advisors LLC increased its position in shares of AbbVie by 3.4% during the fourth quarter. Calamos Advisors LLC now owns 466,290 shares of the company’s stock valued at $106,543,000 after acquiring an additional 15,458 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AbbVie by 11.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 636,710 shares of the company’s stock worth $143,026,000 after purchasing an additional 66,720 shares in the last quarter. Finally, Savvy Advisors Inc. increased its holdings in AbbVie by 22.2% in the 4th quarter. Savvy Advisors Inc. now owns 36,568 shares of the company’s stock worth $8,355,000 after buying an additional 6,646 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on ABBV shares. Wells Fargo & Company lifted their target price on shares of AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday. HSBC reissued a “buy” rating and issued a $300.00 target price on shares of AbbVie in a report on Monday, July 6th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Monday, June 8th. Cantor Fitzgerald boosted their target price on shares of AbbVie from $240.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, UBS Group boosted their target price on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $266.24.

AbbVie Trading Down 0.0%

ABBV stock opened at $248.06 on Tuesday. AbbVie Inc. has a 12 month low of $184.63 and a 12 month high of $261.64. The company has a 50-day moving average price of $226.15 and a 200 day moving average price of $221.34. The stock has a market cap of $438.27 billion, a PE ratio of 122.20, a P/E/G ratio of 0.81 and a beta of 0.30.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 14.3 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is currently 340.89%.

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.