Hemenway Trust Co LLC Buys 3,472 Shares of AbbVie Inc. (NYSE:ABBV)

Hemenway Trust Co LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 12.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 31,848 shares of the company’s stock after acquiring an additional 3,472 shares during the quarter. Hemenway Trust Co LLC’s holdings in AbbVie were worth $5,799,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Lokken Investment Group LLC lifted its position in shares of AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after buying an additional 58 shares during the last quarter. Arcadia Investment Management Corp MI lifted its position in shares of AbbVie by 0.6% during the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock worth $1,706,000 after buying an additional 59 shares during the last quarter. Aspen Wealth Strategies LLC lifted its position in shares of AbbVie by 0.5% during the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock worth $1,776,000 after buying an additional 61 shares during the last quarter. Marks Group Wealth Management Inc lifted its position in shares of AbbVie by 2.9% during the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock worth $349,000 after buying an additional 63 shares during the last quarter. Finally, Spinnaker Investment Group LLC lifted its position in shares of AbbVie by 1.6% during the 1st quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock worth $741,000 after buying an additional 64 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ABBV. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Tuesday. Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Finally, Morgan Stanley upped their target price on AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Trading Up 1.1 %

NYSE ABBV traded up $1.78 during trading hours on Thursday, hitting $169.92. 3,688,030 shares of the company’s stock were exchanged, compared to its average volume of 5,604,677. The stock has a 50-day simple moving average of $165.10 and a 200 day simple moving average of $168.28. AbbVie Inc. has a 1-year low of $132.70 and a 1-year high of $182.89. The firm has a market cap of $300.06 billion, a price-to-earnings ratio of 50.42, a PEG ratio of 2.26 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last released its 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. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter last year, the firm posted $2.46 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post 10.61 EPS for the current fiscal year.

AbbVie Announces Dividend

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 paid a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.65%. 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.