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

Prentice Wealth Management LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.6% during the first quarter, Holdings Channel reports. The firm owned 6,064 shares of the company’s stock after acquiring an additional 212 shares during the quarter. Prentice Wealth Management LLC’s holdings in AbbVie were worth $1,104,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Hoxton Planning & Management LLC grew its holdings in shares of AbbVie by 11.8% during the 1st quarter. Hoxton Planning & Management LLC now owns 1,537 shares of the company’s stock worth $280,000 after acquiring an additional 162 shares during the period. New England Professional Planning Group Inc. purchased a new position in shares of AbbVie during the 1st quarter worth approximately $228,000. Community Bank of Raymore grew its holdings in shares of AbbVie by 2.7% during the 1st quarter. Community Bank of Raymore now owns 22,648 shares of the company’s stock worth $4,124,000 after acquiring an additional 600 shares during the period. West Coast Financial LLC grew its holdings in shares of AbbVie by 9.7% during the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after acquiring an additional 140 shares during the period. Finally, Strong Tower Advisory Services boosted its position in shares of AbbVie by 13.9% in the 1st quarter. Strong Tower Advisory Services now owns 6,436 shares of the company’s stock worth $1,163,000 after purchasing an additional 783 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $1.04 during midday trading on Wednesday, hitting $171.79. 1,813,401 shares of the stock traded hands, compared to its average volume of 5,493,790. The firm has a 50-day moving average of $164.27 and a two-hundred day moving average of $167.26. The firm has a market capitalization of $303.36 billion, a P/E ratio of 50.96, a PEG ratio of 2.18 and a beta of 0.60. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 EPS. On average, equities analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.61%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Guggenheim boosted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. BMO Capital Markets dropped their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Barclays dropped their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Finally, Piper Sandler upped their price objective on AbbVie from $185.00 to $190.00 and gave the company an “overweight” rating in a research report on Tuesday, June 18th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

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.