Global Wealth Management Investment Advisory Inc. Purchases 6,318 Shares of AbbVie Inc. (NYSE:ABBV)

Global Wealth Management Investment Advisory Inc. boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 21.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,332 shares of the company’s stock after purchasing an additional 6,318 shares during the period. AbbVie comprises 1.5% of Global Wealth Management Investment Advisory Inc.’s holdings, making the stock its 18th biggest holding. Global Wealth Management Investment Advisory Inc.’s holdings in AbbVie were worth $7,612,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Crestline Management LP increased its holdings in AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company’s stock worth $6,275,000 after purchasing an additional 28,753 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of AbbVie by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock valued at $1,664,489,000 after buying an additional 108,993 shares during the period. Quantbot Technologies LP lifted its stake in AbbVie by 35.8% in the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after acquiring an additional 276 shares during the period. AXA S.A. lifted its stake in AbbVie by 14.8% in the fourth quarter. AXA S.A. now owns 971,893 shares of the company’s stock worth $172,705,000 after acquiring an additional 125,568 shares during the period. Finally, Highland Capital Management LLC grew its holdings in AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after acquiring an additional 2,792 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Down 0.7%

ABBV stock opened at $189.50 on Friday. The firm’s fifty day simple moving average is $187.30 and its 200-day simple moving average is $188.36. The company has a market capitalization of $334.73 billion, a P/E ratio of 80.64, a price-to-earnings-growth ratio of 1.27 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 12 month low of $163.63 and a 12 month high of $218.66.

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

AbbVie Dividend Announcement

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. This represents a $6.56 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 279.15%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ABBV. Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Finally, Cantor Fitzgerald initiated coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Eight analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned 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 price target of $211.29.

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.