Kingsview Wealth Management LLC Grows Position in AbbVie Inc. (NYSE:ABBV)

Kingsview Wealth Management LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.1% during the first quarter, Holdings Channel reports. The fund owned 68,689 shares of the company’s stock after buying an additional 87 shares during the period. Kingsview Wealth Management LLC’s holdings in AbbVie were worth $14,392,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Abound Financial LLC bought a new position in shares of AbbVie during the first quarter valued at approximately $30,000. EnRich Financial Partners LLC increased its stake in AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Prudent Man Investment Management Inc. bought a new position in AbbVie in the 4th quarter valued at approximately $32,000. Pinney & Scofield Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at $36,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the first quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $190.53 on Thursday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The business has a 50-day moving average price of $186.95 and a 200 day moving average price of $189.20. The company has a market capitalization of $336.55 billion, a P/E ratio of 81.08, a PEG ratio of 1.24 and a beta of 0.48. 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 announced its quarterly earnings results 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. The firm had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.31 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s payout ratio is 279.15%.

Analyst Ratings Changes

ABBV has been the topic of several analyst reports. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Bank of America upped their target price on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 price target on shares of AbbVie in a report on Tuesday, April 8th. Citigroup upped their price objective on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Finally, BNP Paribas raised shares of AbbVie to a “hold” rating in a report on Thursday, May 8th. 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 company. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target 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.