Chung Wu Investment Group LLC Buys 1,380 Shares of AbbVie Inc. (NYSE:ABBV)

Chung Wu Investment Group LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 17.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,225 shares of the company’s stock after acquiring an additional 1,380 shares during the quarter. AbbVie accounts for about 2.3% of Chung Wu Investment Group LLC’s investment portfolio, making the stock its 11th largest holding. Chung Wu Investment Group LLC’s holdings in AbbVie were worth $1,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Balefire LLC boosted its stake in shares of AbbVie by 28.7% during the first quarter. Balefire LLC now owns 2,123 shares of the company’s stock valued at $445,000 after purchasing an additional 473 shares during the period. KPP Advisory Services LLC raised its holdings in AbbVie by 50.1% during the 1st quarter. KPP Advisory Services LLC now owns 8,679 shares of the company’s stock valued at $1,818,000 after buying an additional 2,895 shares during the last quarter. Goldstein Advisors LLC boosted its position in AbbVie by 2.9% during the 1st quarter. Goldstein Advisors LLC now owns 5,476 shares of the company’s stock valued at $1,147,000 after buying an additional 156 shares during the period. LifeSteps Financial Inc. grew its holdings in AbbVie by 1.0% in the 1st quarter. LifeSteps Financial Inc. now owns 7,304 shares of the company’s stock worth $1,530,000 after acquiring an additional 71 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. increased its position in shares of AbbVie by 0.4% in the first quarter. Penobscot Investment Management Company Inc. now owns 77,780 shares of the company’s stock valued at $16,296,000 after acquiring an additional 327 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ABBV. Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Bank of America lifted their price objective on AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Eight research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Trading Up 0.0%

Shares of AbbVie stock opened at $185.64 on Thursday. AbbVie Inc. has a 1-year low of $163.52 and a 1-year high of $218.66. The company’s fifty day simple moving average is $185.74 and its 200-day simple moving average is $187.81. The stock has a market capitalization of $327.91 billion, a PE ratio of 79.00, 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 current ratio of 0.76 and a quick ratio of 0.64.

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

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders 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 3.53%. AbbVie’s payout ratio is 279.15%.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was 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 approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by corporate 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.