Steele Capital Management Inc. Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Steele Capital Management Inc. lifted its position in AbbVie Inc. (NYSE:ABBV) by 2.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,621 shares of the company’s stock after purchasing an additional 360 shares during the quarter. Steele Capital Management Inc.’s holdings in AbbVie were worth $2,480,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Norges Bank purchased a new stake in AbbVie during the 4th quarter valued at about $3,229,888,000. International Assets Investment Management LLC purchased a new stake in AbbVie during the 4th quarter valued at about $499,955,000. Capital International Investors boosted its holdings in AbbVie by 6.0% during the 4th quarter. Capital International Investors now owns 44,988,183 shares of the company’s stock valued at $6,971,796,000 after acquiring an additional 2,542,463 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in AbbVie by 39.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 8,422,613 shares of the company’s stock valued at $1,305,252,000 after acquiring an additional 2,390,239 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in AbbVie by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after acquiring an additional 1,702,415 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.7 %

ABBV stock traded down $1.15 on Monday, reaching $170.37. 5,194,624 shares of the company traded hands, compared to its average volume of 5,670,859. AbbVie Inc. has a one year low of $132.70 and a one year high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market cap of $300.85 billion, a P/E ratio of 50.56, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. The firm has a fifty day simple moving average of $164.60 and a 200-day simple moving average of $167.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same quarter last year, the company earned $2.46 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Research analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The firm 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. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.64%. AbbVie’s dividend payout ratio is 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Barclays dropped their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 29th. BMO Capital Markets dropped their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Thursday, June 20th. Finally, Piper Sandler increased 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. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.64.

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.