Stewart & Patten Co. LLC Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Stewart & Patten Co. LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 29.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,780 shares of the company’s stock after selling 731 shares during the period. Stewart & Patten Co. LLC’s holdings in AbbVie were worth $324,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the 4th quarter valued at about $26,000. Able Wealth Management LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $33,000. IFS Advisors LLC bought a new stake in AbbVie during the 1st quarter valued at approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the 4th quarter valued at approximately $37,000. Finally, Clarity Asset Management Inc. bought a new stake in AbbVie during the 4th quarter valued at approximately $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $1.15 during midday trading on Monday, hitting $170.37. The company had a trading volume of 5,194,624 shares, compared to its average volume of 5,670,859. AbbVie Inc. has a twelve month low of $132.70 and a twelve month high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The stock has a market cap of $300.85 billion, a price-to-earnings ratio of 50.56, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. The business’s 50-day simple moving average is $164.60 and its 200-day simple moving average is $167.63.

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

AbbVie Announces Dividend

The business also recently announced 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 of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.64%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ABBV. BMO Capital Markets reduced their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Piper Sandler lifted their price objective on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 18th. Barclays reduced their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note 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 note on Wednesday, June 5th. Finally, Guggenheim boosted their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company 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.