Evercore Wealth Management LLC Cuts Position in AbbVie Inc. $ABBV

Evercore Wealth Management LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 2.4% during the first quarter, Holdings Channel reports. The fund owned 81,879 shares of the company’s stock after selling 2,021 shares during the period. Evercore Wealth Management LLC’s holdings in AbbVie were worth $17,808,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Norges Bank bought a new position in shares of AbbVie during the 4th quarter valued at about $5,865,055,000. Wellington Management Group LLP lifted its position in AbbVie by 457.4% in the 3rd quarter. Wellington Management Group LLP now owns 10,536,901 shares of the company’s stock worth $2,439,714,000 after buying an additional 8,646,424 shares during the last quarter. Capital World Investors lifted its position in AbbVie by 106.3% in the 4th quarter. Capital World Investors now owns 13,071,444 shares of the company’s stock worth $2,986,777,000 after buying an additional 6,736,161 shares during the last quarter. Cardano Risk Management B.V. boosted its stake in AbbVie by 914.6% in the fourth quarter. Cardano Risk Management B.V. now owns 5,444,930 shares of the company’s stock worth $1,244,112,000 after buying an additional 4,908,260 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in AbbVie by 10.4% in the fourth quarter. Geode Capital Management LLC now owns 44,629,980 shares of the company’s stock worth $10,179,099,000 after buying an additional 4,190,487 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. HSBC reiterated a “buy” rating and set a $300.00 price target on shares of AbbVie in a research report on Monday, July 6th. BMO Capital Markets increased their target price on shares of AbbVie from $258.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Wells Fargo & Company lifted their target price on shares of AbbVie from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research note on Monday, June 8th. Finally, Morgan Stanley boosted their price target on shares of AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $268.10.

AbbVie Price Performance

Shares of AbbVie stock opened at $256.98 on Tuesday. AbbVie Inc. has a one year low of $187.62 and a one year high of $262.10. The business’s 50 day simple moving average is $235.52 and its two-hundred day simple moving average is $223.11. The stock has a market capitalization of $454.02 billion, a P/E ratio of 126.59, a price-to-earnings-growth ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.59 by $0.06. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the prior year, the firm posted $2.46 earnings per share. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.73 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $6.92 annualized dividend and a yield of 2.7%. AbbVie’s dividend payout ratio is presently 340.89%.

AbbVie Profile

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.