1,870 Shares in AbbVie Inc. (NYSE:ABBV) Bought by Motive Wealth Advisors

Motive Wealth Advisors purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,870 shares of the company’s stock, valued at approximately $341,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. boosted its position in AbbVie by 11.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 191,569 shares of the company’s stock valued at $34,885,000 after buying an additional 19,828 shares during the last quarter. Empirical Finance LLC boosted its position in AbbVie by 3.5% in the 1st quarter. Empirical Finance LLC now owns 63,672 shares of the company’s stock valued at $11,595,000 after buying an additional 2,138 shares during the last quarter. MGB Wealth Management LLC boosted its position in AbbVie by 0.7% in the 1st quarter. MGB Wealth Management LLC now owns 13,322 shares of the company’s stock valued at $2,426,000 after buying an additional 87 shares during the last quarter. Advisory Services Network LLC boosted its position in AbbVie by 20.6% in the 1st quarter. Advisory Services Network LLC now owns 134,057 shares of the company’s stock valued at $24,412,000 after buying an additional 22,880 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its position in AbbVie by 12.9% in the 1st quarter. Manchester Capital Management LLC now owns 22,055 shares of the company’s stock valued at $4,016,000 after buying an additional 2,518 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research analyst reports. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Morgan Stanley increased their price target on shares of AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a research report on Thursday. Guggenheim increased their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. BMO Capital Markets dropped their price objective 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, Barclays dropped their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $181.07.

AbbVie Price Performance

NYSE:ABBV traded up $0.37 during trading hours on Friday, reaching $170.28. 4,131,971 shares of the company’s stock were exchanged, compared to its average volume of 5,593,598. The company has a market capitalization of $300.69 billion, a P/E ratio of 50.53, a price-to-earnings-growth ratio of 2.18 and a beta of 0.64. AbbVie Inc. has a 12 month low of $132.70 and a 12 month high of $182.89. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The business’s 50-day simple moving average is $165.23 and its two-hundred day simple moving average is $168.39.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 11.02% and a return on equity of 179.47%. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter last year, the business posted $2.46 EPS. The company’s revenue was up .7% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 10.73 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

AbbVie Company 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.