Commerce Bank Buys 25,500 Shares of AbbVie Inc. (NYSE:ABBV)

Commerce Bank raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 519,647 shares of the company’s stock after buying an additional 25,500 shares during the quarter. Commerce Bank’s holdings in AbbVie were worth $94,628,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $26,000. Able Wealth Management LLC bought a new position in AbbVie in the fourth quarter valued at about $33,000. IFS Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth approximately $36,000. Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the fourth quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in AbbVie during the first quarter valued at approximately $37,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $0.97 during midday trading on Wednesday, reaching $167.08. The company had a trading volume of 1,424,305 shares, compared to its average volume of 5,600,501. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The business’s 50-day simple moving average is $164.79 and its 200 day simple moving average is $168.27. AbbVie Inc. has a 1 year low of $132.70 and a 1 year high of $182.89. The stock has a market cap of $295.04 billion, a P/E ratio of 49.84, a P/E/G ratio of 2.26 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, May 3rd. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The company 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%. AbbVie’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.46 EPS. On average, analysts forecast that AbbVie Inc. will post 10.61 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $1.55 per share. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.71%. AbbVie’s payout ratio is currently 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several analyst reports. Piper Sandler restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Tuesday, July 2nd. Barclays dropped their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. Guggenheim increased their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Wednesday, June 5th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Two 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. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $181.07.

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.