AbbVie Inc. (NYSE:ABBV) Position Raised by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board increased its position in AbbVie Inc. (NYSE:ABBV) by 12.0% during the first quarter, Holdings Channel reports. The fund owned 102,755 shares of the company’s stock after purchasing an additional 11,000 shares during the quarter. AbbVie comprises approximately 0.6% of New Mexico Educational Retirement Board’s investment portfolio, making the stock its 18th largest position. New Mexico Educational Retirement Board’s holdings in AbbVie were worth $18,712,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie in the 4th quarter valued at about $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter valued at approximately $33,000. IFS Advisors LLC acquired a new position in shares of AbbVie during the first quarter valued at approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the fourth quarter worth approximately $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in AbbVie in the fourth quarter worth approximately $42,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ABBV shares. Barclays reduced their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. BMO Capital Markets dropped their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. Finally, Guggenheim boosted their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Stock Up 1.5 %

AbbVie stock traded up $2.53 during trading hours on Friday, hitting $171.52. The company had a trading volume of 24,463,599 shares, compared to its average volume of 5,432,583. The firm’s fifty day moving average is $164.60 and its 200-day moving average is $167.54. The firm has a market capitalization of $302.88 billion, a P/E ratio of 50.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.60. AbbVie Inc. has a fifty-two week low of $132.13 and a fifty-two week high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. AbbVie’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.46 earnings per share. On average, research analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.61%. AbbVie’s dividend payout ratio is 183.98%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.