Atticus Wealth Management LLC Sells 238 Shares of AbbVie Inc. (NYSE:ABBV)

Atticus Wealth Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 5.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,988 shares of the company’s stock after selling 238 shares during the quarter. Atticus Wealth Management LLC’s holdings in AbbVie were worth $726,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie in the fourth quarter valued at approximately $26,000. IFS Advisors LLC bought a new stake in AbbVie in the 1st quarter valued at $36,000. Able Wealth Management LLC bought a new stake in AbbVie in the 4th quarter valued at $33,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter worth $37,000. Finally, Clarity Asset Management Inc. acquired a new position in shares of AbbVie during the fourth quarter valued at about $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

Shares of NYSE ABBV traded up $2.53 during mid-day trading on Friday, hitting $171.52. 24,463,599 shares of the stock were exchanged, compared to its average volume of 5,432,583. AbbVie Inc. has a twelve month low of $132.13 and a twelve month high of $182.89. The stock’s fifty day simple moving average is $164.60 and its two-hundred day simple moving average is $167.54. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The company has a market cap of $302.88 billion, a P/E ratio of 50.90, a PEG ratio of 2.16 and a beta of 0.60.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The business’s revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $2.46 EPS. As a group, analysts forecast that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.61%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analyst Ratings Changes

ABBV has been the topic of a number of recent research reports. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. Piper Sandler lifted their price objective on AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, June 18th. Barclays cut their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. BMO Capital Markets decreased their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Thursday, June 20th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

About AbbVie

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.