First Western Trust Bank cut its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 8.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,465 shares of the company’s stock after selling 579 shares during the period. First Western Trust Bank’s holdings in AbbVie were worth $871,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Moneta Group Investment Advisors LLC grew its stake in shares of AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its position in AbbVie by 85,216.7% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 28,082,858 shares of the company’s stock valued at $3,783,603,000 after buying an additional 28,049,942 shares during the last quarter. Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at approximately $3,033,348,000. Charles Schwab Investment Management Inc. raised its position in AbbVie by 138.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock valued at $3,432,297,000 after buying an additional 12,515,744 shares during the last quarter. Finally, Morgan Stanley raised its position in AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after buying an additional 4,785,277 shares during the last quarter. Institutional investors and hedge funds own 67.86% of the company’s stock.
AbbVie Price Performance
Shares of AbbVie stock traded down $0.18 during trading on Monday, reaching $138.12. 1,662,942 shares of the company’s stock were exchanged, compared to its average volume of 5,510,714. The company has a debt-to-equity ratio of 4.59, a quick ratio of 0.84 and a current ratio of 0.96. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $168.11. The company has a market cap of $243.86 billion, a P/E ratio of 37.89, a PEG ratio of 2.45 and a beta of 0.51. The firm’s 50-day moving average price is $146.58 and its 200 day moving average price is $143.95.
AbbVie Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Friday, January 12th. This is a boost from AbbVie’s previous quarterly dividend of $1.48. AbbVie’s dividend payout ratio is presently 169.86%.
Wall Street Analyst Weigh In
ABBV has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on AbbVie from $193.00 to $196.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Deutsche Bank Aktiengesellschaft started coverage on AbbVie in a research note on Thursday, November 9th. They set a “hold” rating and a $150.00 target price for the company. Raymond James started coverage on AbbVie in a research note on Thursday, September 28th. They issued an “outperform” rating and a $177.00 price target for the company. Finally, William Blair started coverage on AbbVie in a research note on Tuesday, July 25th. They issued a “market perform” rating for the company. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $167.69.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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