Proficio Capital Partners LLC Has $1.17 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Proficio Capital Partners LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 10.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,400 shares of the company’s stock after purchasing an additional 587 shares during the period. Proficio Capital Partners LLC’s holdings in AbbVie were worth $1,165,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. American National Bank lifted its holdings in AbbVie by 4.8% in the fourth quarter. American National Bank now owns 59,392 shares of the company’s stock valued at $9,204,000 after buying an additional 2,695 shares during the period. AXS Investments LLC lifted its stake in shares of AbbVie by 3.3% in the 4th quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after purchasing an additional 307 shares during the period. TCI Wealth Advisors Inc. boosted its position in shares of AbbVie by 1.0% in the 4th quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock worth $2,641,000 after purchasing an additional 165 shares during the last quarter. Mizuho Markets Americas LLC grew its stake in shares of AbbVie by 33.4% during the fourth quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after purchasing an additional 7,737 shares during the period. Finally, Amplius Wealth Advisors LLC grew its stake in shares of AbbVie by 17.6% during the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock worth $413,000 after purchasing an additional 400 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

ABBV traded up $1.59 on Tuesday, reaching $168.11. The company had a trading volume of 4,224,568 shares, compared to its average volume of 5,632,623. The stock has a market cap of $296.86 billion, a P/E ratio of 49.88, a P/E/G ratio of 2.14 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a fifty-two week low of $132.70 and a fifty-two week high of $182.89. The company’s fifty day moving average is $164.79 and its 200 day moving average is $168.27.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. The company had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 179.47% and a net margin of 11.02%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.46 earnings per share. As a group, analysts predict that AbbVie Inc. will post 10.71 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.69%. AbbVie’s payout ratio is 183.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. BMO Capital Markets decreased their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Guggenheim increased their target price on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Barclays reduced their price target on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Tuesday. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $181.07.

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.