Uptown Financial Advisors Reduces Stake in AbbVie by 20.7%

Uptown Financial Advisors LLC has announced a significant reduction in its holdings of AbbVie Inc. (NYSE: ABBV), trimming its position by 20.7% during the first quarter of the year. According to the firm’s latest filing with the Securities and Exchange Commission (SEC), Uptown now owns 1,913 shares of AbbVie, following the sale of 500 shares in the same period. The current value of its AbbVie holdings stands at approximately $401,000.

A variety of hedge funds have also adjusted their positions in AbbVie recently. Notably, Geode Capital Management LLC increased its stake by 2.7% in the fourth quarter, acquiring an additional 983,888 shares. This brings its total holdings to 37,144,933 shares, valued at around $6.59 billion. Similarly, Capital Research Global Investors raised its stake by 2.3%, now holding 33,983,707 shares worth approximately $6.04 billion.

Norges Bank entered a new investment in AbbVie during the fourth quarter, with a valuation of about $4.46 billion. Additionally, Northern Trust Corp increased its holdings by 11.8%, now owning 21,824,626 shares, valued at around $3.88 billion. FMR LLC saw the most significant increase, raising its stake by 32.8% to 18,097,375 shares, totaling approximately $3.22 billion. Collectively, hedge funds and institutional investors own 70.23% of AbbVie’s stock.

Market Performance and Dividend Announcement

As of Wednesday, AbbVie shares opened at $187.10, reflecting an increase of 1.2%. The company maintains a debt-to-equity ratio of 44.14, a current ratio of 0.76, and a quick ratio of 0.64. The stock has fluctuated within the past year, reaching a low of $163.81 and a high of $218.66. The 50-day simple moving average is reported at $187.17, while the two-hundred day simple moving average stands at $189.53. With a market capitalization of $330.49 billion, AbbVie has a price-to-earnings (P/E) ratio of 79.62 and a P/E/G ratio of 1.22.

The company recently declared a quarterly dividend of $1.64 per share, which is set to be disbursed on August 15. Shareholders on record by July 15 will be eligible to receive this dividend, marking an annualized dividend of $6.56 and a yield of 3.51%. AbbVie’s current payout ratio is notably high at 279.15%.

Analyst Ratings and Future Outlook

Recent reports from various brokerages indicate a positive outlook for AbbVie. Bank of America has raised its price target to $204.00, maintaining a “hold” rating. Cantor Fitzgerald initiated coverage with an “overweight” rating, setting a price target of $210.00. Guggenheim has increased its price target from $214.00 to $216.00 while maintaining a “buy” rating. BNP Paribas upgraded its rating to “hold,” while The Goldman Sachs Group reiterated a “neutral” rating with a price target of $194.00.

In total, eight investment analysts have rated AbbVie with a “hold” rating, seventeen have assigned a “buy” rating, and three have given it a “strong buy” rating. According to data from MarketBeat.com, the consensus rating for AbbVie is a “Moderate Buy” with an average price target of $211.29.

AbbVie Inc. is globally recognized for its innovative pharmaceutical products, including treatments for autoimmune diseases, cancers, and other serious medical conditions. The company’s flagship products include Humira, Skyrizi, and Rinvoq, among others.

As investors continue to monitor market trends and institutional movements, AbbVie remains a focal point for many in the financial sphere.