Keudell Morrison Wealth Management Buys 143 Shares of AbbVie Inc. (NYSE:ABBV)

Keudell Morrison Wealth Management grew its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,977 shares of the company’s stock after acquiring an additional 143 shares during the period. AbbVie accounts for about 1.1% of Keudell Morrison Wealth Management’s investment portfolio, making the stock its 18th biggest position. Keudell Morrison Wealth Management’s holdings in AbbVie were worth $4,605,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ABBV. Norges Bank bought a new stake in shares of AbbVie during the fourth quarter worth approximately $4,459,385,000. GAMMA Investing LLC raised its stake in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after buying an additional 10,195,284 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of AbbVie during the fourth quarter worth approximately $1,190,951,000. FMR LLC raised its stake in shares of AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after buying an additional 3,599,336 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ABBV. Cantor Fitzgerald began coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Bank of America upped their target price on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.29.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $183.92 on Tuesday. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66. The firm has a fifty day simple moving average of $185.28 and a 200 day simple moving average of $187.84. The stock has a market capitalization of $324.88 billion, a price-to-earnings ratio of 78.26, a PEG ratio of 1.23 and a beta of 0.50. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14.

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

AbbVie Announces Dividend

The company also recently declared 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. 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 (DPR) 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.