Arden Trust Co Trims Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Arden Trust Co lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 4.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 22,540 shares of the company’s stock after selling 1,136 shares during the quarter. Arden Trust Co’s holdings in AbbVie were worth $1,974,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in AbbVie by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 147,386,808 shares of the company’s stock valued at $14,470,438,000 after acquiring an additional 21,786,239 shares during the period. BlackRock Inc. raised its holdings in shares of AbbVie by 21.7% during the second quarter. BlackRock Inc. now owns 123,356,424 shares of the company’s stock worth $12,111,133,000 after purchasing an additional 21,974,440 shares during the last quarter. Nuveen Asset Management LLC lifted its position in AbbVie by 46.4% during the second quarter. Nuveen Asset Management LLC now owns 22,124,489 shares of the company’s stock valued at $2,172,182,000 after purchasing an additional 7,007,887 shares during the period. Bank of New York Mellon Corp boosted its holdings in AbbVie by 15.0% in the second quarter. Bank of New York Mellon Corp now owns 21,387,563 shares of the company’s stock valued at $2,099,832,000 after purchasing an additional 2,797,448 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in AbbVie by 6.9% in the first quarter. Morgan Stanley now owns 10,756,410 shares of the company’s stock valued at $819,530,000 after purchasing an additional 696,233 shares during the last quarter. Institutional investors and hedge funds own 68.23% of the company’s stock.

ABBV stock opened at $86.27 on Friday. AbbVie Inc. has a 52 week low of $62.55 and a 52 week high of $101.28. The company has a quick ratio of 0.70, a current ratio of 0.86 and a debt-to-equity ratio of 5.57. The firm has a 50-day simple moving average of $89.38 and a 200-day simple moving average of $90.44. The stock has a market capitalization of $152.25 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.42 and a beta of 0.74.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.14. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. The company had revenue of $10.43 billion for the quarter, compared to analysts’ expectations of $10.14 billion. During the same period in the previous year, the firm posted $2.26 EPS. AbbVie’s revenue was up 26.3% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 10.44 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be paid a $1.18 dividend. This represents a $4.72 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date is Wednesday, October 14th. AbbVie’s dividend payout ratio is presently 52.80%.

Several brokerages have recently issued reports on ABBV. Berenberg Bank started coverage on AbbVie in a report on Tuesday, September 29th. They issued a “hold” rating and a $98.00 price objective for the company. Royal Bank of Canada boosted their price target on AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Atlantic Securities raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price objective on the stock in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Citigroup raised their price target on shares of AbbVie from $98.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $108.63.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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