QRG Capital Management Inc. Buys 33,079 Shares of AbbVie Inc. $ABBV

QRG Capital Management Inc. increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 13.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 276,761 shares of the company’s stock after purchasing an additional 33,079 shares during the quarter. AbbVie makes up about 0.6% of QRG Capital Management Inc.’s portfolio, making the stock its 24th largest holding. QRG Capital Management Inc.’s holdings in AbbVie were worth $60,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Oxbow Advisors LLC boosted its position in AbbVie by 1.5% in the first quarter. Oxbow Advisors LLC now owns 23,474 shares of the company’s stock valued at $5,105,000 after buying an additional 352 shares in the last quarter. Burford Brothers Inc. grew its stake in shares of AbbVie by 0.6% during the first quarter. Burford Brothers Inc. now owns 10,714 shares of the company’s stock worth $2,330,000 after buying an additional 69 shares during the last quarter. Simplify Asset Management Inc. increased its holdings in shares of AbbVie by 104.5% during the first quarter. Simplify Asset Management Inc. now owns 48,621 shares of the company’s stock worth $10,575,000 after buying an additional 24,844 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of AbbVie by 4.5% during the first quarter. HB Wealth Management LLC now owns 141,104 shares of the company’s stock worth $30,689,000 after buying an additional 6,079 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted its stake in shares of AbbVie by 0.3% in the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 18,632 shares of the company’s stock valued at $4,052,000 after acquiring an additional 63 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $260.88 on Friday. AbbVie Inc. has a 52 week low of $184.63 and a 52 week high of $261.64. The firm has a market cap of $460.92 billion, a PE ratio of 128.51, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30. The firm’s fifty day moving average is $220.19 and its 200-day moving average is $220.30.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.AbbVie’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 14.28 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be paid a $1.73 dividend. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. AbbVie’s dividend payout ratio is presently 340.89%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ABBV shares. Wells Fargo & Company set a $260.00 price objective on AbbVie in a report on Monday, June 22nd. Evercore set a $235.00 target price on AbbVie in a report on Friday, May 15th. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. DZ Bank raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Wall Street Zen upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 27th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $253.81.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.