Simmons Bank Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Simmons Bank lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 9.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,104 shares of the company’s stock after selling 5,848 shares during the period. AbbVie comprises 0.9% of Simmons Bank’s portfolio, making the stock its 26th largest holding. Simmons Bank’s holdings in AbbVie were worth $11,545,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. World Investment Advisors lifted its holdings in shares of AbbVie by 2.7% in the first quarter. World Investment Advisors now owns 66,248 shares of the company’s stock valued at $13,880,000 after purchasing an additional 1,753 shares in the last quarter. Jackson Thornton Wealth Management LLC lifted its holdings in shares of AbbVie by 14.4% in the first quarter. Jackson Thornton Wealth Management LLC now owns 1,373 shares of the company’s stock valued at $288,000 after purchasing an additional 173 shares in the last quarter. Capital Investment Advisory Services LLC lifted its holdings in shares of AbbVie by 30.4% in the first quarter. Capital Investment Advisory Services LLC now owns 49,628 shares of the company’s stock valued at $10,398,000 after purchasing an additional 11,576 shares in the last quarter. Mills Wealth Advisors LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $219,000. Finally, Global Wealth Management Investment Advisory Inc. lifted its holdings in shares of AbbVie by 21.1% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 36,332 shares of the company’s stock valued at $7,612,000 after purchasing an additional 6,318 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $189.50 on Friday. AbbVie Inc. has a one year low of $163.63 and a one year high of $218.66. The company has a 50-day moving average of $187.37 and a two-hundred day moving average of $188.46. The stock has a market cap of $334.73 billion, a price-to-earnings ratio of 80.64, a PEG ratio of 1.26 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 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 company 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 business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the company posted $2.31 earnings per share. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.46%. The ex-dividend date is Tuesday, July 15th. AbbVie’s dividend payout ratio is currently 279.15%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent research reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued 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. Cantor Fitzgerald initiated coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 price objective for the company. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Finally, Guggenheim boosted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $211.29.

AbbVie Profile

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.