Park Place Capital Corp Sells 4,332 Shares of AbbVie Inc. (NYSE:ABBV)

Park Place Capital Corp decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 23.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,102 shares of the company’s stock after selling 4,332 shares during the period. AbbVie makes up about 0.9% of Park Place Capital Corp’s investment portfolio, making the stock its 25th largest holding. Park Place Capital Corp’s holdings in AbbVie were worth $2,568,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the 4th quarter valued at approximately $26,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at approximately $36,000. Able Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at approximately $33,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter valued at approximately $37,000. Finally, Clarity Asset Management Inc. acquired a new stake in AbbVie in the 4th quarter valued at approximately $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABBV. Barclays dropped their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Wednesday, June 5th. Guggenheim boosted their price target on 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 lowered their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Thursday, June 20th. Two research 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’s stock. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $1.15 during midday trading on Monday, hitting $170.37. 5,194,624 shares of the company’s stock were exchanged, compared to its average volume of 5,670,859. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 12 month low of $132.70 and a 12 month high of $182.89. The company’s 50 day moving average price is $164.60 and its 200 day moving average price is $167.63. The firm has a market capitalization of $300.85 billion, a PE ratio of 50.56, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64.

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

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.64%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.