Bleakley Financial Group LLC Has $15.78 Million Position in AbbVie Inc. $ABBV

Bleakley Financial Group LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 3.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 72,543 shares of the company’s stock after selling 2,871 shares during the period. Bleakley Financial Group LLC’s holdings in AbbVie were worth $15,777,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Chelsea Counsel Co. bought a new position in AbbVie during the third quarter valued at about $26,000. Litman Gregory Wealth Management LLC acquired a new position in AbbVie in the 4th quarter valued at approximately $28,000. Imprint Wealth LLC lifted its position in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $29,000. Finally, IFC & Insurance Marketing Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ABBV shares. HSBC restated a “buy” rating and set a $300.00 price objective on shares of AbbVie in a research report on Monday, July 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Bank of America boosted their price target on shares of AbbVie from $234.00 to $276.00 and gave the company a “buy” rating in a report on Friday. Evercore set a $235.00 price objective on shares of AbbVie in a research note on Friday, May 15th. Finally, Canaccord Genuity Group raised their price objective on shares of AbbVie from $265.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $266.24.

AbbVie Price Performance

AbbVie stock opened at $248.06 on Tuesday. The firm has a market capitalization of $438.27 billion, a P/E ratio of 122.20, a P/E/G ratio of 0.81 and a beta of 0.30. The stock has a fifty day moving average price of $226.15 and a two-hundred day moving average price of $221.34. AbbVie Inc. has a 52-week low of $184.63 and a 52-week high of $261.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, April 29th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.72 billion. During the same quarter in the previous year, the company earned $2.46 EPS. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc. will post 14.3 EPS for the current fiscal year.

AbbVie Announces Dividend

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