AbbVie Inc. (NYSE:ABBV) Stock Holdings Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in AbbVie Inc. (NYSE:ABBV) by 1.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,272 shares of the company’s stock after purchasing an additional 1,802 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AbbVie were worth $27,504,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new position in AbbVie during the fourth quarter valued at approximately $4,459,385,000. GAMMA Investing LLC grew its position in AbbVie by 25,841.6% in the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock worth $2,144,382,000 after acquiring an additional 10,195,284 shares in the last quarter. FMR LLC grew its stake in AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Franklin Resources Inc. lifted its position in AbbVie by 24.3% during the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company’s stock worth $3,064,773,000 after acquiring an additional 3,373,156 shares during the last quarter. Finally, Northern Trust Corp lifted its position in AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company’s stock worth $3,878,236,000 after acquiring an additional 2,299,645 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 1.7%

Shares of NYSE:ABBV opened at $190.34 on Thursday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $218.66. The company’s 50-day moving average price is $187.31 and its two-hundred day moving average price is $189.55. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The firm has a market cap of $336.22 billion, a P/E ratio of 81.00, a P/E/G ratio of 1.24 and a beta of 0.48.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating 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 company had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the firm earned $2.31 EPS. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.45%. AbbVie’s dividend payout ratio (DPR) is currently 279.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABBV. Bank of America increased their price target on shares of AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Citigroup increased their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Eight equities 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.