Congress Wealth Management LLC DE Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Congress Wealth Management LLC DE lowered its stake in AbbVie Inc. (NYSE:ABBV) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,820 shares of the company’s stock after selling 10,187 shares during the period. Congress Wealth Management LLC DE’s holdings in AbbVie were worth $20,909,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $26,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the first quarter valued at $36,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at $33,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at $37,000. Finally, Clarity Asset Management Inc. purchased a new stake in AbbVie in the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ABBV. Guggenheim upped their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets reduced their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Barclays reduced 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. HSBC upgraded shares of 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, Piper Sandler upped their price target on shares of AbbVie from $185.00 to $190.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

AbbVie Stock Down 0.7 %

ABBV stock traded down $1.15 during midday trading on Monday, hitting $170.37. The company’s stock had a trading volume of 5,194,624 shares, compared to its average volume of 5,670,859. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 52-week low of $132.70 and a 52-week high of $182.89. The firm has a market capitalization of $300.85 billion, a P/E ratio of 50.56, a PEG ratio of 2.19 and a beta of 0.64. The firm has a 50-day simple moving average of $164.60 and a 200-day simple moving average of $167.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating the consensus estimate 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 net margin of 11.02% and a return on equity of 179.47%. The firm’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the company posted $2.46 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 11.27 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.64%. AbbVie’s dividend payout ratio (DPR) 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.