Daymark Wealth Partners LLC Has $16.67 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Daymark Wealth Partners LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,538 shares of the company’s stock after purchasing an additional 1,145 shares during the quarter. Daymark Wealth Partners LLC’s holdings in AbbVie were worth $16,665,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ABBV. EnRich Financial Partners LLC increased its position in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC acquired a new stake in shares of AbbVie during the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth about $31,000. Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth about $32,000. Finally, Siemens Fonds Invest GmbH increased its position in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 1.0%

AbbVie stock opened at $185.53 on Wednesday. The company’s 50 day simple moving average is $185.46 and its 200 day simple moving average is $187.82. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The firm has a market capitalization of $327.73 billion, a price-to-earnings ratio of 78.95, a PEG ratio of 1.22 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the firm earned $2.31 EPS. AbbVie’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s payout ratio is 279.15%.

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 shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.08% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on ABBV. Cantor Fitzgerald began coverage on shares of AbbVie in a report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective on the stock. Morgan Stanley increased their price objective on shares of AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a report on Monday, April 28th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Guggenheim increased their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $211.29.

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.