Grant Street Asset Management Inc. Has $917,000 Stake in AbbVie Inc. (NYSE:ABBV)

Grant Street Asset Management Inc. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 24.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,378 shares of the company’s stock after selling 1,420 shares during the quarter. AbbVie comprises 0.2% of Grant Street Asset Management Inc.’s investment portfolio, making the stock its 29th largest holding. Grant Street Asset Management Inc.’s holdings in AbbVie were worth $917,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of AbbVie in the fourth quarter worth about $4,459,385,000. GAMMA Investing LLC boosted its stake in shares of AbbVie by 25,841.6% during the first quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. FMR LLC boosted its stake in shares of AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Franklin Resources Inc. boosted its stake in shares of AbbVie by 24.3% during the fourth quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company’s stock valued at $3,064,773,000 after purchasing an additional 3,373,156 shares during the period. Finally, Northern Trust Corp lifted its stake in AbbVie by 11.8% in the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company’s stock worth $3,878,236,000 after acquiring an additional 2,299,645 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $191.54 on Tuesday. The stock has a market cap of $338.33 billion, a P/E ratio of 81.50, a P/E/G ratio of 1.28 and a beta of 0.48. The stock has a 50-day moving average of $186.92 and a two-hundred day moving average of $189.21. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The company had revenue of $13.34 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.31 EPS. As a group, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 annualized dividend and a yield of 3.42%. AbbVie’s dividend payout ratio (DPR) is currently 279.15%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ABBV shares. The Goldman Sachs Group reiterated a “neutral” rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. BNP Paribas raised AbbVie to a “hold” rating in a research note on Thursday, May 8th. Cantor Fitzgerald initiated coverage on AbbVie in a research report on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective on the stock. Finally, Evercore ISI raised their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Eight 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, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus 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.