Dash Acquisitions Inc. Reduces Position in AbbVie Inc. (NYSE:ABBV)

Dash Acquisitions Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 25.2% in the 1st quarter, according to the company’s latest Form 13F filing with the Securities and Exchange Commission. The fund held 2,879 shares of the company after selling 971 shares during the period. Dash Acquisitions Inc.’s stake in AbbVie was worth $524,000, according to the company’s latest SEC filing.

Several other institutional investors also recently modified their holdings in the company. Schonfeld Strategic Advisors LLC increased its holdings in AbbVie by 195.5% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 4,890 shares of the company’s stock worth $729,000 after acquiring an additional 3,235 shares in the last quarter. Lazard Asset Management LLC increased its holdings in AbbVie by 95.1% in the 3rd quarter. Lazard Asset Management LLC now owns 195,048 shares of the company’s stock worth $29,073,000 after acquiring an additional 95,057 shares in the last quarter. First National Bank of Omaha increased its position in AbbVie by 7.9% in the 3rd quarter. First National Bank of Omaha now owns 8,460 shares of the company’s stock valued at $1,261,000 after purchasing an additional 620 shares during the last quarter. Ameriprise Financial Inc. increased its position in AbbVie by 1.4% in the third quarter. Ameriprise Financial Inc. now owns 14,066,082 shares of the company’s stock valued at $2,098,436,000 after purchasing an additional 199,833 shares during the last quarter. Finally, Adage Capital Partners GP LLC increased its stake in AbbVie by 32.9% during the third quarter. Adage Capital Partners GP LLC now owns 2,014,817 shares of the company’s stock valued at $300,329,000 after purchasing an additional 498,978 shares during the last quarter. 70.23% of the stock is currently held by hedge funds and other institutional investors.

Wall Street analysts predict growth

ABBV has been the subject of several recent research reports. Guggenheim raised their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22. Piper Sandler Companies re-issued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday. HSBC raised their rating on shares of AbbVie from a “hold” to a “buy” and set a $185.00 price target on the stock in a research note on Wednesday, June 5. Piper Sandler re-issued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Tuesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Thursday, June 20. Two research analysts rated the stock as a “hold,” twelve rated it as a “buy,” and one rated it as a “strong buy.” According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $181.07.

Read our latest report on AbbVie

AbbVie falls 2.6%

Shares of NYSE:ABBV opened at $165.97 on Wednesday. The stock’s 50-day simple moving average is $164.65 and its two-hundred-day simple moving average is $167.74. The stock has a market capitalization of $293.08 billion, a price-to-earnings ratio of 49.25, a PEG ratio of 2.19 and a beta of 0.64. AbbVie Inc. has a 52-week low of $132.70 and a 52-week high of $182.89. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.83 and a current ratio of 0.94.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Friday, May 3. The company reported $2.31 earnings per share (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 company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. During the same quarter last year, the company reported $2.46 earnings per share. The company’s revenue increased 0.7% compared to the same quarter last year. Analysts are expecting AbbVie Inc. to post $11.27 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15. Shareholders of record on Monday, July 15 will receive a dividend of $1.55. The ex-dividend date is Monday, July 15. This represents an annual dividend of $6.20 and a dividend yield of 3.74%. AbbVie’s Dividend Payout Ratio (DPR) is 183.98%.

About AbbVie

(Free report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company markets Humira, an injection for the autoimmune and intestinal Behçet’s disease and pyoderma gangrenosum; Skyrizi for the treatment of moderate to severe plaque psoriasis, psoriatic disease, and Crohn’s disease; Rinvoq for the treatment of rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthritis, ulcerative colitis, and Crohn’s disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly for the treatment of lymphoma; Elahere for the treatment of cancer; and Venclexta/Venclyxto for the treatment of blood cancers.

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