AbbVie Inc. Plans Quarterly Dividend of $1.64 (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) declared a quarterly dividend on Friday, June 20th, RTT News reports. Investors of record on Tuesday, July 15th will be given a dividend of 1.64 per share on Friday, August 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.54%.

AbbVie has a dividend payout ratio of 46.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect AbbVie to earn $13.98 per share next year, which means the company should continue to be able to cover its $6.56 annual dividend with an expected future payout ratio of 46.9%.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $185.26 on Friday. AbbVie has a 12 month low of $163.52 and a 12 month high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The company has a market cap of $327.24 billion, a P/E ratio of 78.83, a P/E/G ratio of 1.23 and a beta of 0.50. The business’s 50 day moving average is $184.98 and its two-hundred day moving average is $187.60.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. AbbVie’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.31 earnings per share. On average, equities analysts expect that AbbVie will post 12.31 EPS for the current year.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AbbVie

An institutional investor recently raised its position in AbbVie stock. Revolve Wealth Partners LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 72.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,279 shares of the company’s stock after acquiring an additional 3,064 shares during the period. Revolve Wealth Partners LLC’s holdings in AbbVie were worth $1,294,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ABBV shares. Evercore ISI upped their price objective on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Morgan Stanley lifted their price objective on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Citigroup raised their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Finally, Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $211.29.

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.