Steward Partners Investment Advisory LLC Has $28.67 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Steward Partners Investment Advisory LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 0.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 179,882 shares of the company’s stock after purchasing an additional 232 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in AbbVie were worth $28,668,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Kalos Management Inc. acquired a new stake in AbbVie during the 1st quarter worth about $26,000. Boulder Wealth Advisors LLC acquired a new stake in AbbVie during the 4th quarter worth about $31,000. Stone House Investment Management LLC acquired a new stake in AbbVie during the 1st quarter worth about $37,000. True Wealth Design LLC acquired a new stake in AbbVie during the 4th quarter worth about $39,000. Finally, General Partner Inc. acquired a new stake in AbbVie during the 1st quarter worth about $40,000. Institutional investors and hedge funds own 67.86% of the company’s stock.

AbbVie Stock Performance

NYSE ABBV traded up $0.28 during trading on Tuesday, hitting $149.32. The company’s stock had a trading volume of 1,008,222 shares, compared to its average volume of 5,656,598. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. The firm has a 50 day moving average price of $145.21 and a 200 day moving average price of $147.51. The firm has a market cap of $263.56 billion, a P/E ratio of 30.66, a price-to-earnings-growth ratio of 2.70 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.79 by $0.12. The company had revenue of $13.87 billion for the quarter, compared to the consensus estimate of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. Equities research analysts forecast that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 121.81%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Credit Suisse Group reduced their price target on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. William Blair initiated coverage on AbbVie in a report on Tuesday, July 25th. They set a “market perform” rating for the company. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Piper Jaffray Companies raised their price objective on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. Finally, StockNews.com began coverage on AbbVie in a research note on Thursday, August 17th. They issued a “strong-buy” rating on the stock. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $165.79.

Insider Activity

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the sale, the chief executive officer now owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.26% of the stock is currently owned by company insiders.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.