Parkside Financial Bank & Trust grew its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.9% in the second quarter, Holdings Channel.com reports. The fund owned 8,697 shares of the company’s stock after purchasing an additional 242 shares during the period. Parkside Financial Bank & Trust’s holdings in AbbVie were worth $1,332,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of ABBV. Thrive Wealth Management LLC increased its stake in shares of AbbVie by 10.3% during the 2nd quarter. Thrive Wealth Management LLC now owns 3,391 shares of the company’s stock worth $519,000 after purchasing an additional 318 shares in the last quarter. Sound Income Strategies LLC increased its stake in shares of AbbVie by 2.5% during the 2nd quarter. Sound Income Strategies LLC now owns 84,866 shares of the company’s stock worth $12,998,000 after purchasing an additional 2,058 shares in the last quarter. Minot Wealth Management LLC increased its stake in shares of AbbVie by 1.2% during the 1st quarter. Minot Wealth Management LLC now owns 66,161 shares of the company’s stock worth $10,725,000 after purchasing an additional 800 shares in the last quarter. Eudaimonia Partners LLC purchased a new position in shares of AbbVie during the 1st quarter worth approximately $4,231,000. Finally, Oldfather Financial Services LLC purchased a new position in shares of AbbVie during the 4th quarter worth approximately $250,000. 68.25% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Stock Down 1.0 %
Shares of NYSE ABBV opened at $140.31 on Thursday. AbbVie Inc. has a 52-week low of $105.93 and a 52-week high of $175.91. The firm has a fifty day moving average of $142.13 and a 200-day moving average of $149.60. The stock has a market capitalization of $248.08 billion, a PE ratio of 19.87, a P/E/G ratio of 4.00 and a beta of 0.72. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 4.15.
AbbVie Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $1.41 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $5.64 dividend on an annualized basis and a yield of 4.02%. AbbVie’s dividend payout ratio is currently 79.89%.
Wall Street Analysts Forecast Growth
ABBV has been the subject of a number of recent research reports. Piper Sandler dropped their price objective on shares of AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Atlantic Securities dropped their price objective on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research note on Monday, August 1st. Argus lowered their target price on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating for the company in a research note on Wednesday, August 24th. Morgan Stanley lowered their target price on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating for the company in a research note on Monday, August 1st. Finally, UBS Group lowered their target price on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a research note on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $159.35.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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