Hidden Cove Wealth Management LLC Acquires Shares of 1,343 AbbVie Inc. (NYSE:ABBV)

Hidden Cove Wealth Management LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,343 shares of the company’s stock, valued at approximately $281,000.

Other large investors have also modified their holdings of the company. Beacon Financial Advisory LLC lifted its stake in shares of AbbVie by 0.7% in the first quarter. Beacon Financial Advisory LLC now owns 8,767 shares of the company’s stock worth $1,837,000 after buying an additional 63 shares in the last quarter. Board of the Pension Protection Fund grew its stake in AbbVie by 72.0% during the 1st quarter. Board of the Pension Protection Fund now owns 4,300 shares of the company’s stock valued at $901,000 after acquiring an additional 1,800 shares in the last quarter. Tanager Wealth Management LLP grew its stake in AbbVie by 15.9% during the 1st quarter. Tanager Wealth Management LLP now owns 4,065 shares of the company’s stock valued at $852,000 after acquiring an additional 558 shares in the last quarter. Falcon Wealth Planning raised its holdings in AbbVie by 10.8% in the 1st quarter. Falcon Wealth Planning now owns 2,616 shares of the company’s stock valued at $548,000 after acquiring an additional 254 shares during the last quarter. Finally, First Merchants Corp lifted its stake in AbbVie by 95.7% in the 1st quarter. First Merchants Corp now owns 58,318 shares of the company’s stock worth $12,219,000 after purchasing an additional 28,525 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Evercore ISI boosted their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, April 28th. Erste Group Bank raised AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Bank of America lifted their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Finally, Guggenheim boosted their price target 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 equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $211.29.

AbbVie Stock Up 0.9%

Shares of NYSE ABBV opened at $187.06 on Friday. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The business’s 50 day moving average is $186.03 and its two-hundred day moving average is $187.88. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The firm has a market cap of $330.42 billion, a price-to-earnings ratio of 79.60, a PEG ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. The company’s revenue was up 8.4% on a year-over-year basis. Research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.51%. AbbVie’s dividend payout ratio (DPR) is presently 279.15%.

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.