Precision Wealth Strategies LLC Purchases 178 Shares of AbbVie Inc. (NYSE:ABBV)

Precision Wealth Strategies LLC lifted its position in AbbVie Inc. (NYSE:ABBVGet Rating) by 5.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,264 shares of the company’s stock after buying an additional 178 shares during the period. Precision Wealth Strategies LLC’s holdings in AbbVie were worth $497,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in AbbVie by 2.9% during the first quarter. Vanguard Group Inc. now owns 150,518,780 shares of the company’s stock valued at $24,400,600,000 after buying an additional 4,206,711 shares during the last quarter. BlackRock Inc. increased its holdings in AbbVie by 1.1% during the first quarter. BlackRock Inc. now owns 129,630,878 shares of the company’s stock valued at $21,014,462,000 after buying an additional 1,433,324 shares during the last quarter. State Street Corp increased its holdings in AbbVie by 3.4% during the fourth quarter. State Street Corp now owns 79,357,705 shares of the company’s stock valued at $10,745,033,000 after buying an additional 2,597,076 shares during the last quarter. Capital International Investors increased its holdings in AbbVie by 162.6% during the first quarter. Capital International Investors now owns 30,497,767 shares of the company’s stock valued at $4,943,993,000 after buying an additional 18,882,699 shares during the last quarter. Finally, Norges Bank purchased a new stake in AbbVie during the fourth quarter valued at approximately $2,433,269,000. Institutional investors own 68.25% of the company’s stock.

AbbVie Trading Up 1.9 %

Shares of ABBV opened at $143.01 on Friday. AbbVie Inc. has a 1-year low of $106.44 and a 1-year high of $175.91. The company has a 50-day moving average of $141.99 and a 200 day moving average of $149.56. The firm has a market capitalization of $252.86 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 3.98 and a beta of 0.72. The company has a debt-to-equity ratio of 4.15, a current ratio of 0.84 and a quick ratio of 0.75.

AbbVie (NYSE:ABBVGet Rating) last announced its quarterly earnings data on Friday, July 29th. The company reported $3.51 earnings per share for the quarter, beating analysts’ consensus estimates of $3.42 by $0.09. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The company had revenue of $14.58 billion during the quarter, compared to analyst estimates of $14.64 billion. During the same quarter last year, the business posted $3.11 EPS. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, research analysts expect that AbbVie Inc. will post 14.05 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $1.41 per share. The ex-dividend date is Thursday, October 13th. This represents a $5.64 dividend on an annualized basis and a yield of 3.94%. AbbVie’s payout ratio is 79.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ABBV. Piper Sandler reduced their price objective on shares of AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Argus cut 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 cut 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. UBS Group lowered their price objective on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. Finally, Atlantic Securities lowered their price objective on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.35.

AbbVie Company Profile

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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.

Further Reading

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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