IMS Capital Management Boosts Position in AbbVie Inc. (NYSE:ABBV)

IMS Capital Management grew its holdings in shares of AbbVie Inc. (NYSE:ABBVGet Rating) by 1.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 9,879 shares of the company’s stock after acquiring an additional 94 shares during the quarter. AbbVie comprises 1.0% of IMS Capital Management’s portfolio, making the stock its 24th largest holding. IMS Capital Management’s holdings in AbbVie were worth $1,513,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ABBV. Alerus Financial NA purchased a new position in AbbVie in the fourth quarter worth about $1,923,000. Clearstead Advisors LLC grew its position in AbbVie by 4.2% during the fourth quarter. Clearstead Advisors LLC now owns 60,182 shares of the company’s stock valued at $8,149,000 after buying an additional 2,451 shares during the period. Rowland & Co. Investment Counsel ADV grew its position in AbbVie by 3,779.1% during the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 55,976 shares of the company’s stock valued at $6,483,000 after buying an additional 54,533 shares during the period. Summit Global Investments grew its position in AbbVie by 16.5% during the fourth quarter. Summit Global Investments now owns 43,221 shares of the company’s stock valued at $5,852,000 after buying an additional 6,110 shares during the period. Finally, HBK Investments L P grew its position in AbbVie by 52.6% during the fourth quarter. HBK Investments L P now owns 11,098 shares of the company’s stock valued at $1,503,000 after buying an additional 3,827 shares during the period. 68.25% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.0 %

ABBV opened at $140.31 on Thursday. The firm has a market cap of $248.08 billion, a P/E ratio of 19.87, a P/E/G ratio of 4.00 and a beta of 0.72. AbbVie Inc. has a 12 month low of $105.93 and a 12 month high of $175.91. The company has a current ratio of 0.84, a quick ratio of 0.75 and a debt-to-equity ratio of 4.15. The stock has a 50-day moving average of $142.13 and a 200 day moving average of $149.60.

AbbVie (NYSE:ABBVGet Rating) last announced its quarterly earnings data on Friday, July 29th. The company reported $3.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.42 by $0.09. The business had revenue of $14.58 billion during the quarter, compared to the consensus estimate of $14.64 billion. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $3.11 earnings per share. As a group, research analysts forecast that AbbVie Inc. will post 14.05 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie’s payout ratio is currently 79.89%.

Analyst Ratings Changes

Several analysts recently issued reports on ABBV shares. Atlantic Securities cut their target price on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. UBS Group lowered their price target on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a report on Monday, August 1st. Morgan Stanley lowered their price target on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a report on Monday, August 1st. Barclays lowered their price target on shares of AbbVie to $160.00 in a report on Tuesday, August 9th. Finally, Piper Sandler lowered their price target on shares of AbbVie from $160.00 to $155.00 in a report on Friday, July 29th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $159.35.

AbbVie Company Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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