C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 13.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,826 shares of the company’s stock after acquiring an additional 2,515 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in AbbVie were worth $3,792,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie during the fourth quarter valued at approximately $26,000. Able Wealth Management LLC bought a new position in shares of AbbVie during the fourth quarter valued at approximately $33,000. IFS Advisors LLC bought a new position in shares of AbbVie during the first quarter valued at approximately $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the fourth quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the first quarter valued at approximately $37,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of AbbVie stock traded down $0.17 during trading on Wednesday, hitting $167.88. 2,472,296 shares of the company’s stock were exchanged, compared to its average volume of 5,608,501. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The business has a 50-day simple moving average of $164.79 and a 200-day simple moving average of $168.27. AbbVie Inc. has a 52-week low of $132.70 and a 52-week high of $182.89. The stock has a market capitalization of $296.45 billion, a price-to-earnings ratio of 49.84, a PEG ratio of 2.26 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter last year, the company posted $2.46 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 10.61 EPS for the current year.

AbbVie Dividend Announcement

The firm 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 dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.69%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. BMO Capital Markets lowered their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Tuesday. Barclays lowered their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. Finally, Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Two 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. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

About AbbVie

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.