Simplify Asset Management Inc. Buys 24,844 Shares of AbbVie Inc. $ABBV

Simplify Asset Management Inc. lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 104.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,621 shares of the company’s stock after buying an additional 24,844 shares during the quarter. AbbVie comprises 0.2% of Simplify Asset Management Inc.’s portfolio, making the stock its 18th largest position. Simplify Asset Management Inc.’s holdings in AbbVie were worth $10,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Chelsea Counsel Co. bought a new stake in AbbVie during the 3rd quarter valued at approximately $26,000. Litman Gregory Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter worth approximately $28,000. Westend Capital Management LLC bought a new position in shares of AbbVie in the 4th quarter worth approximately $29,000. Imprint Wealth LLC lifted its stake in shares of AbbVie by 56.2% in the 4th quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Finally, Texas Capital Bancshares Inc TX bought a new stake in shares of AbbVie during the third quarter valued at approximately $31,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $260.88 on Friday. The firm has a market cap of $460.92 billion, a P/E ratio of 128.51, a P/E/G ratio of 0.86 and a beta of 0.30. AbbVie Inc. has a fifty-two week low of $184.63 and a fifty-two week high of $261.64. The firm has a 50-day simple moving average of $220.19 and a two-hundred day simple moving average of $220.30.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.59 by $0.06. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.46 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 14.28 EPS for the current year.

AbbVie Announces Dividend

The firm 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 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 dividend yield of 2.7%. AbbVie’s dividend payout ratio (DPR) is 340.89%.

Analysts Set New Price Targets

ABBV has been the subject of several recent research reports. BMO Capital Markets reissued an “outperform” rating on shares of AbbVie in a research report on Monday, March 9th. Wall Street Zen raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Wells Fargo & Company set a $260.00 target price on shares of AbbVie in a report on Monday, June 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of AbbVie in a research note on Tuesday, June 23rd. Finally, Morgan Stanley raised their price objective on AbbVie from $270.00 to $278.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $253.81.

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.