WASHINGTON TRUST Co Sells 1,031 Shares of AbbVie Inc. (NYSE:ABBV)

WASHINGTON TRUST Co lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,112 shares of the company’s stock after selling 1,031 shares during the period. WASHINGTON TRUST Co’s holdings in AbbVie were worth $6,100,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of ABBV. Nicholson Meyer Capital Management Inc. acquired a new position in shares of AbbVie in the first quarter worth approximately $220,000. MorganRosel Wealth Management LLC bought a new position in AbbVie during the 1st quarter worth approximately $144,000. Argent Advisors Inc. raised its holdings in AbbVie by 3.5% during the 1st quarter. Argent Advisors Inc. now owns 2,282 shares of the company’s stock worth $478,000 after purchasing an additional 78 shares during the last quarter. Valley National Advisers Inc. lifted its position in shares of AbbVie by 8.0% in the 1st quarter. Valley National Advisers Inc. now owns 5,511 shares of the company’s stock worth $1,154,000 after purchasing an additional 406 shares during the period. Finally, Custos Family Office LLC bought a new stake in shares of AbbVie in the 1st quarter valued at $239,000. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ABBV. BNP Paribas raised shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Guggenheim increased their price target on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Morgan Stanley boosted their price objective on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Bank of America upped their target price on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Finally, Citigroup lifted their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $211.29.

AbbVie Stock Down 2.6%

ABBV stock opened at $181.89 on Monday. The stock’s 50 day moving average is $186.21 and its 200-day moving average is $188.12. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66. The firm has a market capitalization of $321.29 billion, a PE ratio of 77.40, a P/E/G ratio of 1.21 and a beta of 0.50. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $2.31 EPS. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 annualized dividend and a dividend yield of 3.61%. AbbVie’s dividend payout ratio is currently 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.