Clarendon Private LLC Has $944,000 Position in AbbVie Inc. (NYSE:ABBV)

Clarendon Private LLC grew its stake in AbbVie Inc. (NYSE:ABBV) by 14.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,504 shares of the company’s stock after purchasing an additional 565 shares during the period. AbbVie comprises approximately 1.0% of Clarendon Private LLC’s investment portfolio, making the stock its 26th largest position. Clarendon Private LLC’s holdings in AbbVie were worth $944,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ABBV. Abound Financial LLC purchased a new stake in shares of AbbVie in the first quarter worth about $30,000. EnRich Financial Partners LLC increased its position in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in shares of AbbVie in the first quarter worth approximately $35,000. Prudent Man Investment Management Inc. bought a new position in shares of AbbVie in the fourth quarter worth approximately $32,000. Finally, Pinney & Scofield Inc. bought a new position in shares of AbbVie in the fourth quarter worth approximately $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

NYSE:ABBV opened at $188.47 on Tuesday. The firm has a market cap of $332.91 billion, a PE ratio of 80.20, a price-to-earnings-growth ratio of 1.25 and a beta of 0.48. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The business has a 50 day moving average price of $187.68 and a 200-day moving average price of $189.94.

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

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend 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 presently 279.15%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research analyst reports. Morgan Stanley upped their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a research report on Tuesday, April 8th. Finally, Guggenheim upped their target price on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $211.29.

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.