Everett Harris & Co. CA Trims Stake in AbbVie Inc. (NYSE:ABBV)

Everett Harris & Co. CA decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 533,684 shares of the company’s stock after selling 3,392 shares during the period. AbbVie accounts for 1.3% of Everett Harris & Co. CA’s investment portfolio, making the stock its 18th biggest position. Everett Harris & Co. CA’s holdings in AbbVie were worth $97,184,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in ABBV. Norges Bank purchased a new position in shares of AbbVie during the 4th quarter worth $3,229,888,000. International Assets Investment Management LLC purchased a new position in AbbVie during the fourth quarter worth about $499,955,000. Capital International Investors boosted its stake in AbbVie by 6.0% in the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock worth $6,971,796,000 after buying an additional 2,542,463 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in AbbVie by 39.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after buying an additional 2,390,239 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

ABBV traded down $2.12 on Thursday, hitting $163.84. 3,527,612 shares of the company’s stock were exchanged, compared to its average volume of 5,996,385. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The stock has a fifty day moving average of $164.50 and a two-hundred day moving average of $167.80. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89. The firm has a market cap of $289.32 billion, a PE ratio of 48.62, a P/E/G ratio of 2.12 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced 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. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the prior year, the firm earned $2.46 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.78%. AbbVie’s payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ABBV shares. BMO Capital Markets lowered their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Guggenheim upped their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Barclays reduced their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Piper Sandler restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Thursday, June 20th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $181.07.

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.