Canopy Partners LLC Lowers Position in AbbVie Inc. (NYSE:ABBV)

Canopy Partners LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,679 shares of the company’s stock after selling 153 shares during the period. Canopy Partners LLC’s holdings in AbbVie were worth $1,190,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ABBV. EnRich Financial Partners LLC lifted its stake in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the last quarter. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter valued at $30,000. Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie in the 4th quarter worth approximately $32,000. Siemens Fonds Invest GmbH raised its stake in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after buying an additional 119,141 shares during the last quarter. Finally, Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the first quarter worth $35,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ABBV has been the topic of a number of analyst reports. BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Cantor Fitzgerald initiated coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price target on the stock. Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Evercore ISI boosted their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Finally, Bank of America upped their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Eight equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Stock Down 1.0%

Shares of NYSE:ABBV opened at $188.47 on Tuesday. The company has a market cap of $332.91 billion, a price-to-earnings ratio of 80.20, a PEG ratio of 1.25 and a beta of 0.48. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The firm has a fifty day moving average price of $187.68 and a two-hundred day moving average price of $189.94.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the company earned $2.31 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. Analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.48%. AbbVie’s dividend payout ratio is 279.15%.

AbbVie 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.