MGB Wealth Management LLC Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

MGB Wealth Management LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,322 shares of the company’s stock after acquiring an additional 87 shares during the period. AbbVie accounts for approximately 1.0% of MGB Wealth Management LLC’s holdings, making the stock its 20th biggest holding. MGB Wealth Management LLC’s holdings in AbbVie were worth $2,426,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Lokken Investment Group LLC raised its holdings in shares of AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after acquiring an additional 58 shares in the last quarter. Arcadia Investment Management Corp MI lifted its position in shares of AbbVie by 0.6% in the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after purchasing an additional 59 shares during the period. Aspen Wealth Strategies LLC boosted its stake in shares of AbbVie by 0.5% during the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after purchasing an additional 61 shares in the last quarter. Marks Group Wealth Management Inc increased its holdings in AbbVie by 2.9% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after buying an additional 63 shares during the period. Finally, Spinnaker Investment Group LLC raised its stake in AbbVie by 1.6% in the first quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock worth $741,000 after buying an additional 64 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

ABBV stock traded up $0.21 during trading on Friday, hitting $170.12. The stock had a trading volume of 1,170,548 shares, compared to its average volume of 5,571,349. The company’s 50-day moving average price is $165.10 and its two-hundred day moving average price is $168.28. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89. The stock has a market capitalization of $300.41 billion, a P/E ratio of 50.68, a PEG ratio of 2.18 and a beta of 0.64. 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 issued its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) 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 firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same period in the previous year, the company posted $2.46 earnings per share. The business’s revenue was up .7% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 10.73 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. AbbVie’s dividend payout ratio is presently 183.98%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ABBV. Morgan Stanley lifted their price target on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Piper Sandler restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. 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 note on Monday, April 29th. Finally, Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Two research 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $181.07.

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.