HB Wealth Management LLC Increases Position in AbbVie Inc. $ABBV

HB Wealth Management LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 141,104 shares of the company’s stock after acquiring an additional 6,079 shares during the period. HB Wealth Management LLC’s holdings in AbbVie were worth $30,689,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ABBV. Chelsea Counsel Co. acquired a new stake in shares of AbbVie in the third quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC purchased a new position in AbbVie during the fourth quarter worth approximately $28,000. Imprint Wealth LLC boosted its stake in AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Westend Capital Management LLC acquired a new position in shares of AbbVie during the 4th quarter valued at about $29,000. Finally, IFC & Insurance Marketing Inc. acquired a new stake in AbbVie during the fourth quarter worth about $31,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of ABBV opened at $260.88 on Friday. The company’s 50-day simple moving average is $220.19 and its 200-day simple moving average is $220.30. AbbVie Inc. has a 1 year low of $184.63 and a 1 year high of $261.64. The stock has a market capitalization of $460.92 billion, a PE ratio of 128.51, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share 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 analysts’ expectations of $14.72 billion. During the same quarter in the previous year, the business posted $2.46 earnings per share. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, sell-side analysts predict that AbbVie Inc. will post 14.28 earnings per share for the current year.

AbbVie Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently commented on ABBV shares. Guggenheim reaffirmed a “buy” rating and set a $249.00 price target on shares of AbbVie in a research report on Friday, May 1st. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. Bank of America raised AbbVie from a “neutral” rating to a “buy” rating and set a $234.00 target price on the stock in a research report on Thursday, April 30th. Piper Sandler restated an “overweight” rating and set a $298.00 price target on shares of AbbVie in a research note on Tuesday, June 23rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $253.81.

AbbVie Company Profile

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.