Wendell David Associates Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 0.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,399 shares of the company’s stock after acquiring an additional 325 shares during the period. AbbVie comprises 2.0% of Wendell David Associates Inc.’s holdings, making the stock its 16th biggest position. Wendell David Associates Inc.’s holdings in AbbVie were worth $15,683,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Thrive Wealth Management LLC boosted its stake in shares of AbbVie by 10.3% in the second quarter. Thrive Wealth Management LLC now owns 3,391 shares of the company’s stock valued at $519,000 after purchasing an additional 318 shares during the period. Sound Income Strategies LLC raised its holdings in AbbVie by 2.5% during the second quarter. Sound Income Strategies LLC now owns 84,866 shares of the company’s stock worth $12,998,000 after purchasing an additional 2,058 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in AbbVie by 2.9% during the second quarter. Parkside Financial Bank & Trust now owns 8,697 shares of the company’s stock worth $1,332,000 after purchasing an additional 242 shares in the last quarter. Minot Wealth Management LLC raised its holdings in AbbVie by 1.2% during the first quarter. Minot Wealth Management LLC now owns 66,161 shares of the company’s stock worth $10,725,000 after purchasing an additional 800 shares in the last quarter. Finally, Eudaimonia Partners LLC acquired a new stake in AbbVie during the first quarter worth approximately $4,231,000. 68.25% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on ABBV. UBS Group lowered their price objective on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating on the stock in a research report on Monday, August 1st. Argus decreased their target price on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday, August 24th. Barclays decreased their price objective on shares of AbbVie to $160.00 in a research report on Tuesday, August 9th. Atlantic Securities decreased their price objective on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating on the stock in a research report on Monday, August 1st. Finally, Morgan Stanley cut their target price on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating for the company in a research note on Monday, August 1st. One investment 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $159.35.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Rating) last announced its quarterly earnings results on Friday, July 29th. The company reported $3.51 EPS for the quarter, beating the consensus estimate of $3.42 by $0.09. AbbVie had a return on equity of 158.41% and a net margin of 22.03%. The business had revenue of $14.58 billion for the quarter, compared to analyst estimates of $14.64 billion. During the same quarter in the previous year, the firm earned $3.11 EPS. AbbVie’s quarterly revenue was up 4.5% on a year-over-year basis. On average, analysts expect that AbbVie Inc. will post 14.05 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie’s payout ratio is 79.89%.
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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