Colorado Capital Management Inc. Raises Position in AbbVie Inc. (NYSE:ABBV)

Colorado Capital Management Inc. increased its stake in AbbVie Inc. (NYSE:ABBV) by 8.1% in the first quarter, HoldingsChannel reports. The fund owned 1,485 shares of the company’s stock after purchasing an additional 111 shares during the period. Colorado Capital Management Inc.’s holdings in AbbVie were worth $270,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its position in AbbVie by 123.7% during the third quarter. Tower Research Capital LLC TRC now owns 73,322 shares of the company’s stock valued at $10,929,000 after buying an additional 40,548 shares during the period. Van Lanschot Kempen Investment Management N.V. grew its holdings in AbbVie by 1,053.0% in the third quarter. Van Lanschot Kempen Investment Management N.V. now owns 22,091 shares of the company’s stock worth $3,293,000 after purchasing an additional 20,175 shares during the period. Morningstar Investment Services LLC increased its stake in shares of AbbVie by 78.7% during the third quarter. Morningstar Investment Services LLC now owns 5,078 shares of the company’s stock valued at $773,000 after purchasing an additional 2,236 shares in the last quarter. Cape Cod Five Cents Savings Bank lifted its holdings in shares of AbbVie by 96.0% during the third quarter. Cape Cod Five Cents Savings Bank now owns 36,106 shares of the company’s stock valued at $5,382,000 after purchasing an additional 17,681 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its position in shares of AbbVie by 3.0% in the 3rd quarter. CWA Asset Management Group LLC now owns 26,921 shares of the company’s stock worth $4,013,000 after purchasing an additional 792 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Barclays dropped their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Thursday, June 20th. 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 report on Monday, April 29th. Finally, Piper Sandler lifted 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 research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $179.64.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $169.35 on Friday. The company has a market capitalization of $299.05 billion, a P/E ratio of 50.15, a P/E/G ratio of 2.19 and a beta of 0.60. AbbVie Inc. has a 1-year low of $132.13 and a 1-year high of $182.89. The firm’s 50 day simple moving average is $164.41 and its two-hundred day simple moving average is $167.29. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) 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 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 earned $2.46 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. Research analysts expect that AbbVie Inc. will post 11.27 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

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.