Balboa Wealth Partners Purchases 617 Shares of AbbVie Inc. (NYSE:ABBV)

Balboa Wealth Partners raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 8.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 7,810 shares of the company’s stock after acquiring an additional 617 shares during the period. Balboa Wealth Partners’ holdings in AbbVie were worth $1,636,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. EnRich Financial Partners LLC boosted its position in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $31,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie in the 4th quarter worth approximately $32,000. Finally, Pinney & Scofield Inc. bought a new stake in shares of AbbVie in the 4th quarter worth approximately $36,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ABBV shares. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Morgan Stanley boosted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Guggenheim boosted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, Wells Fargo & Company boosted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Price Performance

Shares of AbbVie stock opened at $183.92 on Tuesday. AbbVie Inc. has a one year low of $163.52 and a one year high of $218.66. The stock’s fifty day moving average is $185.28 and its 200 day moving average is $187.84. The stock has a market cap of $324.88 billion, a P/E ratio of 78.26, a P/E/G ratio of 1.23 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 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 company had revenue of $13.34 billion for the quarter, compared to analysts’ expectations of $12.91 billion. During the same period last year, the firm earned $2.31 EPS. AbbVie’s revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company 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 $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 279.15%.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.08% of the stock is currently owned by insiders.

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.