AbbVie Inc. (NYSE:ABBV) Shares Sold by Golden State Equity Partners

Golden State Equity Partners lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 20,191 shares of the company’s stock after selling 363 shares during the period. AbbVie comprises about 0.8% of Golden State Equity Partners’ portfolio, making the stock its 18th largest holding. Golden State Equity Partners’ holdings in AbbVie were worth $4,230,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Blue Bell Private Wealth Management LLC grew its holdings in AbbVie by 30.4% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock worth $40,000 after acquiring an additional 52 shares during the period. Steel Grove Capital Advisors LLC grew its holdings in AbbVie by 1.7% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after acquiring an additional 52 shares during the period. Peninsula Wealth LLC grew its holdings in AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares during the period. Connecticut Wealth Management LLC grew its holdings in AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after acquiring an additional 57 shares during the period. Finally, Northstar Group Inc. grew its holdings in AbbVie by 0.7% during the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company’s stock worth $1,783,000 after acquiring an additional 58 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.0%

NYSE:ABBV opened at $185.53 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $327.73 billion, a PE ratio of 78.95, a price-to-earnings-growth ratio of 1.22 and a beta of 0.50. The firm’s 50 day moving average is $185.46 and its 200 day moving average is $187.82. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66.

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 analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the previous year, the firm posted $2.31 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 3.54%. AbbVie’s payout ratio is 279.15%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Morgan Stanley raised their target price on AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, April 28th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Guggenheim raised their target price on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

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.