Deutsche Bank AG Sells 542,888 Shares of AbbVie Inc. (NYSE:ABBV)

Deutsche Bank AG trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,226,214 shares of the company’s stock after selling 542,888 shares during the quarter. AbbVie accounts for 0.8% of Deutsche Bank AG’s holdings, making the stock its 16th biggest position. Deutsche Bank AG owned approximately 0.52% of AbbVie worth $1,933,076,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ABBV. Chicago Partners Investment Group LLC lifted its holdings in shares of AbbVie by 11.3% in the first quarter. Chicago Partners Investment Group LLC now owns 38,842 shares of the company’s stock valued at $8,138,000 after purchasing an additional 3,952 shares in the last quarter. Commonwealth Financial Services LLC raised its position in AbbVie by 7.2% in the 1st quarter. Commonwealth Financial Services LLC now owns 6,227 shares of the company’s stock valued at $1,305,000 after buying an additional 419 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new stake in AbbVie in the 1st quarter valued at approximately $38,050,000. Cornerstone Advisors LLC boosted its position in AbbVie by 5.1% during the 1st quarter. Cornerstone Advisors LLC now owns 86,400 shares of the company’s stock worth $18,103,000 after acquiring an additional 4,200 shares during the last quarter. Finally, Hemington Wealth Management grew its stake in shares of AbbVie by 7.2% during the 1st quarter. Hemington Wealth Management now owns 2,718 shares of the company’s stock worth $569,000 after acquiring an additional 182 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 1.1%

ABBV stock opened at $196.37 on Thursday. 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 current ratio of 0.74 and a quick ratio of 0.64. The stock has a market capitalization of $346.90 billion, a price-to-earnings ratio of 93.51, a PEG ratio of 1.27 and a beta of 0.50. The business’s fifty day moving average price is $188.86 and its two-hundred day moving average price is $190.65.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%. AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.65 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared 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 of this dividend is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. AbbVie’s dividend payout ratio is currently 312.38%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research reports. Morgan Stanley increased their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Guggenheim boosted their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Cantor Fitzgerald assumed coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective for the company. BNP Paribas upgraded AbbVie to a “hold” rating in a report on Thursday, May 8th. Finally, Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $212.81.

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.