Iron Horse Wealth Management LLC Has $56,000 Stake in AbbVie Inc. (NYSE:ABBV)

Iron Horse Wealth Management LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 64.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 266 shares of the company’s stock after acquiring an additional 104 shares during the period. Iron Horse Wealth Management LLC’s holdings in AbbVie were worth $56,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Steel Grove Capital Advisors LLC grew its stake in shares of AbbVie by 1.7% in the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock worth $553,000 after purchasing an additional 52 shares during the last quarter. Peninsula Wealth LLC increased its position in shares of AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock worth $242,000 after acquiring an additional 54 shares in the last quarter. Connecticut Wealth Management LLC increased its position in shares of AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after acquiring an additional 57 shares in the last quarter. Castle Wealth Management LLC increased its position in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock worth $361,000 after acquiring an additional 57 shares in the last quarter. Finally, Northstar Group Inc. increased its position in shares of AbbVie by 0.7% in the first quarter. Northstar Group Inc. now owns 8,512 shares of the company’s stock worth $1,783,000 after acquiring an additional 58 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Evercore ISI boosted 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. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Morgan Stanley boosted their price objective on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Trading Down 1.4%

ABBV opened at $192.32 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a 50-day simple moving average of $187.01 and a 200 day simple moving average of $189.05. 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 stock has a market capitalization of $339.71 billion, a price-to-earnings ratio of 81.84, a P/E/G ratio of 1.28 and a beta of 0.48.

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

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 279.15%.

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.