Empowered Funds LLC Acquires 78,374 Shares of AbbVie Inc. $ABBV

Empowered Funds LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 52.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 226,836 shares of the company’s stock after purchasing an additional 78,374 shares during the period. Empowered Funds LLC’s holdings in AbbVie were worth $49,335,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Litman Gregory Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter valued at about $28,000. Imprint Wealth LLC increased its position in shares of AbbVie by 56.2% during the fourth quarter. Imprint Wealth LLC now owns 125 shares of the company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Westend Capital Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $29,000. IFC & Insurance Marketing Inc. bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $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 valued at $31,000 after purchasing an additional 73 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $256.98 on Tuesday. The firm’s fifty day moving average is $235.52 and its two-hundred day moving average is $223.11. The firm has a market cap of $454.02 billion, a price-to-earnings ratio of 126.59, a PEG ratio of 0.86 and a beta of 0.30. AbbVie Inc. has a one year low of $187.62 and a one year high of $262.10.

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. AbbVie had a negative return on equity of 576.45% and a net margin of 5.79%.The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.72 billion. During the same quarter in the previous year, the business earned $2.46 EPS. AbbVie’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities research analysts predict that AbbVie Inc. will post 14.18 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a $1.73 dividend. This represents a $6.92 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, July 15th. AbbVie’s dividend payout ratio is currently 340.89%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent research reports. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 5th. Canaccord Genuity Group upped their price target on shares of AbbVie from $273.00 to $282.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada increased their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. lifted their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, BMO Capital Markets boosted their price objective on shares of AbbVie from $258.00 to $300.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $268.10.

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.