Symphony Financial Ltd. Co. Trims Stake in AbbVie Inc. (NYSE:ABBV)

Symphony Financial Ltd. Co. trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 8.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,038 shares of the company’s stock after selling 1,095 shares during the period. Symphony Financial Ltd. Co.’s holdings in AbbVie were worth $2,192,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vermillion & White Wealth Management Group LLC purchased a new stake in AbbVie in the fourth quarter worth approximately $26,000. IFS Advisors LLC bought a new position in shares of AbbVie during the 1st quarter valued at $36,000. Able Wealth Management LLC bought a new stake in AbbVie in the fourth quarter worth $33,000. Ables Iannone Moore & Associates Inc. purchased a new stake in AbbVie during the fourth quarter valued at about $37,000. Finally, Clarity Asset Management Inc. bought a new position in shares of AbbVie during the fourth quarter valued at about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent analyst reports. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a report on Wednesday, June 5th. Barclays lowered their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Guggenheim boosted their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. BMO Capital Markets dropped their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Stock Performance

AbbVie stock traded up $2.53 during midday trading on Friday, reaching $171.52. 24,463,599 shares of the company traded hands, compared to its average volume of 5,432,583. 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 Inc. has a 12 month low of $132.13 and a 12 month high of $182.89. The firm has a market capitalization of $302.88 billion, a price-to-earnings ratio of 50.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.60. The business has a 50 day moving average of $164.60 and a two-hundred day moving average of $167.54.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given 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 yield of 3.61%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

About AbbVie

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.