Northcape Wealth Management LLC Cuts Position in AbbVie Inc. (NYSE:ABBV)

Northcape Wealth Management LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 12.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,529 shares of the company’s stock after selling 1,509 shares during the quarter. Northcape Wealth Management LLC’s holdings in AbbVie were worth $1,917,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie during the 4th quarter worth $26,000. IFS Advisors LLC purchased a new position in AbbVie during the 1st quarter worth $36,000. Redmont Wealth Advisors LLC purchased a new position in AbbVie during the 1st quarter worth $37,000. Able Wealth Management LLC purchased a new position in AbbVie during the 4th quarter worth $33,000. Finally, Valued Wealth Advisors LLC grew its stake in AbbVie by 111.1% during the 1st quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock worth $42,000 after buying an additional 120 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of AbbVie stock traded up $3.41 on Friday, hitting $167.25. The company’s stock had a trading volume of 5,978,524 shares, compared to its average volume of 5,658,405. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a 1 year low of $132.70 and a 1 year high of $182.89. The firm has a fifty day moving average price of $164.58 and a 200-day moving average price of $167.87. The company has a market capitalization of $295.34 billion, a price-to-earnings ratio of 49.63, a price-to-earnings-growth ratio of 2.10 and a beta of 0.64.

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

AbbVie Announces Dividend

The firm 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 dividend yield of 3.71%. AbbVie’s dividend payout ratio is presently 183.98%.

Analysts Set New Price Targets

ABBV has been the topic of several research analyst reports. BMO Capital Markets dropped their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. 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 equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $181.07.

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.