Balboa Wealth Partners Purchases 617 Shares of AbbVie Inc. (NYSE:ABBV)

Balboa Wealth Partners raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 8.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,810 shares of the company’s stock after purchasing an additional 617 shares during the period. Balboa Wealth Partners’ holdings in AbbVie were worth $1,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. EnRich Financial Partners LLC boosted its holdings in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares during the period. Promus Capital LLC bought a new stake in AbbVie during the fourth quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie during the fourth quarter valued at $31,000. Prudent Man Investment Management Inc. bought a new stake in AbbVie during the fourth quarter valued at $32,000. Finally, Siemens Fonds Invest GmbH boosted its stake in AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after buying an additional 119,141 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Down 0.7%

ABBV opened at $183.92 on Tuesday. The company has a market cap of $324.88 billion, a P/E ratio of 78.26, a P/E/G ratio of 1.23 and a beta of 0.50. The business’s 50-day moving average price is $185.28 and its 200-day moving average price is $187.84. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.52 and a 12 month high of $218.66.

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

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.57%. AbbVie’s payout ratio is presently 279.15%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Wells Fargo & Company lifted their price objective on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, April 28th. Bank of America raised their price target on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Finally, Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $211.29.

Insider Buying and Selling

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.08% of the stock is owned by insiders.

AbbVie 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.