WBI Investments LLC Sells 2,006 Shares of AbbVie Inc. (NYSE:ABBV)

WBI Investments LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 18.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,952 shares of the company’s stock after selling 2,006 shares during the period. WBI Investments LLC’s holdings in AbbVie were worth $1,630,000 as of its most recent SEC filing.

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

AbbVie Trading Up 0.6 %

Shares of NYSE:ABBV traded up $1.02 during trading on Thursday, hitting $169.16. 1,941,541 shares of the company’s stock were exchanged, compared to its average volume of 5,590,924. AbbVie Inc. has a 1-year low of $132.70 and a 1-year high of $182.89. The firm has a 50-day moving average price of $164.92 and a two-hundred day moving average price of $168.27. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The firm has a market cap of $298.71 billion, a P/E ratio of 50.31, a PEG ratio of 2.26 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion during 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%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.46 EPS. Equities analysts predict that AbbVie Inc. will post 10.61 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed 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. This represents a $6.20 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several analyst reports. BMO Capital Markets cut their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Piper Sandler reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley raised their price objective on shares of AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a research report on Thursday. Two research 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. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

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.