Hurlow Wealth Management Group Inc. grew its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 30.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,019 shares of the company’s stock after purchasing an additional 1,168 shares during the period. Hurlow Wealth Management Group Inc.’s holdings in AbbVie were worth $769,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in ABBV. Minot Wealth Management LLC grew its position in AbbVie by 1.2% in the first quarter. Minot Wealth Management LLC now owns 66,161 shares of the company’s stock worth $10,725,000 after acquiring an additional 800 shares in the last quarter. Eudaimonia Partners LLC purchased a new position in AbbVie in the first quarter worth $4,231,000. Oldfather Financial Services LLC purchased a new position in AbbVie in the fourth quarter worth $250,000. HHM Wealth Advisors LLC lifted its stake in AbbVie by 38.7% in the first quarter. HHM Wealth Advisors LLC now owns 5,380 shares of the company’s stock worth $872,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Callahan Advisors LLC lifted its stake in AbbVie by 0.3% in the first quarter. Callahan Advisors LLC now owns 34,192 shares of the company’s stock worth $5,543,000 after purchasing an additional 115 shares during the last quarter. 68.25% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on ABBV shares. SVB Leerink assumed coverage on shares of AbbVie in a research note on Monday, May 23rd. They set an “underperform” rating and a $140.00 price objective for the company. Morgan Stanley decreased their price objective on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating on the stock in a research report on Monday, August 1st. Atlantic Securities reduced their target price on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock in a report on Monday, August 1st. Piper Sandler dropped their target price on shares of AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Finally, Argus lowered their price target on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, August 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $159.35.
AbbVie Stock Up 1.1 %
NYSE ABBV opened at $144.06 on Monday. The business has a 50 day moving average price of $142.80 and a two-hundred day moving average price of $149.78. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 4.15. The stock has a market cap of $254.71 billion, a PE ratio of 20.41, a P/E/G ratio of 4.04 and a beta of 0.72. AbbVie Inc. has a fifty-two week low of $105.56 and a fifty-two week high of $175.91.
AbbVie (NYSE:ABBV – Get Rating) last issued its earnings results on Friday, July 29th. The company reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.42 by $0.09. The firm had revenue of $14.58 billion for the quarter, compared to analysts’ expectations of $14.64 billion. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. AbbVie’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $3.11 earnings per share. As a group, sell-side analysts predict that AbbVie Inc. will post 14.05 EPS for the current fiscal year.
AbbVie Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a yield of 3.92%. The ex-dividend date is Thursday, October 13th. AbbVie’s payout ratio is 79.89%.
About AbbVie
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet’s diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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