9258 Wealth Management LLC Has $3.13 Million Stake in AbbVie Inc. (NYSE:ABBV)

9258 Wealth Management LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the 1st quarter, Holdings Channel.com reports. The fund owned 17,183 shares of the company’s stock after acquiring an additional 274 shares during the period. 9258 Wealth Management LLC’s holdings in AbbVie were worth $3,129,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Schonfeld Strategic Advisors LLC increased its holdings in AbbVie by 195.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock worth $729,000 after acquiring an additional 3,235 shares during the last quarter. Kennedy Capital Management LLC bought a new position in shares of AbbVie in the third quarter valued at approximately $215,000. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in shares of AbbVie during the 3rd quarter valued at $12,919,000. Invst LLC increased its stake in AbbVie by 5.3% in the 3rd quarter. Invst LLC now owns 3,933 shares of the company’s stock worth $586,000 after acquiring an additional 198 shares during the last quarter. Finally, Polar Capital Holdings Plc raised its stake in AbbVie by 2.2% in the third quarter. Polar Capital Holdings Plc now owns 366,872 shares of the company’s stock valued at $54,686,000 after purchasing an additional 8,000 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. Guggenheim raised their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. BMO Capital Markets cut their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Tuesday. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Finally, Piper Sandler reissued an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Tuesday, July 2nd. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $181.07.

AbbVie Stock Up 1.1 %

Shares of NYSE:ABBV traded up $1.77 on Thursday, hitting $169.91. 3,669,241 shares of the company traded hands, compared to its average volume of 5,595,010. AbbVie Inc. has a 52 week low of $132.70 and a 52 week high of $182.89. The stock has a 50 day simple moving average of $164.92 and a 200-day simple moving average of $168.27. The company has a market cap of $300.04 billion, a PE ratio of 50.31, a PEG ratio of 2.26 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.46 earnings per share. As a group, research analysts expect that AbbVie Inc. will post 10.61 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared 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. This represents a $6.20 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 183.98%.

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.