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

Evercore Wealth Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Litman Gregory Wealth Management LLC bought a new position in AbbVie in the 4th quarter worth approximately $28,000. Imprint Wealth LLC raised its holdings in AbbVie by 56.2% during the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $29,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth $31,000. Finally, Legacy Wealth Managment LLC ID boosted its holdings in shares of AbbVie by 115.9% in the fourth quarter. Legacy Wealth Managment LLC ID now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 73 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ABBV shares. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Monday, June 8th. Piper Sandler restated an “overweight” rating and issued a $298.00 target price on shares of AbbVie in a research note on Tuesday, June 23rd. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of AbbVie in a report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their price target on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, UBS Group raised their price objective on shares of AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $268.10.

AbbVie Stock Performance

NYSE:ABBV opened at $256.98 on Tuesday. AbbVie Inc. has a 52-week low of $187.62 and a 52-week high of $262.10. The stock has a fifty day moving average of $235.52 and a 200 day moving average of $223.11. The firm has a market capitalization of $454.02 billion, a price-to-earnings ratio of 126.59, a P/E/G ratio of 0.86 and a beta of 0.30.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.72 billion. During the same period in the prior year, the company earned $2.46 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given a $1.73 dividend. This represents a $6.92 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, July 15th. AbbVie’s dividend payout ratio is 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.