Polaris Wealth Advisory Group LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Polaris Wealth Advisory Group LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 50.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,204 shares of the company’s stock after selling 3,222 shares during the period. Polaris Wealth Advisory Group LLC’s holdings in AbbVie were worth $282,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of AbbVie by 17.3% in the second quarter. Vanguard Group Inc. now owns 147,386,808 shares of the company’s stock worth $14,470,438,000 after buying an additional 21,786,239 shares in the last quarter. BlackRock Inc. raised its position in AbbVie by 21.7% during the second quarter. BlackRock Inc. now owns 123,356,424 shares of the company’s stock valued at $12,111,133,000 after purchasing an additional 21,974,440 shares during the period. Nuveen Asset Management LLC raised 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 raised its position in AbbVie by 15.0% during 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 period. Finally, Morgan Stanley raised its position in AbbVie by 6.9% during 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 period. Institutional investors own 68.23% of the company’s stock.

Shares of NYSE:ABBV 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 stock has a market cap of $152.25 billion, a P/E ratio of 18.36, a price-to-earnings-growth ratio of 1.42 and a beta of 0.74. The business’s 50 day moving average is $89.38 and its 200 day moving average is $90.44. The company has a quick ratio of 0.70, a current ratio of 0.86 and a debt-to-equity ratio of 5.57.

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

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be given a dividend of $1.18 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $4.72 annualized dividend and a yield of 5.47%. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.

A number of brokerages have issued reports on ABBV. Royal Bank of Canada upped their price objective on AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Berenberg Bank began coverage on AbbVie in a research report on Tuesday, September 29th. They set a “hold” rating and a $98.00 price objective on the stock. Mizuho reiterated a “buy” rating and issued a $111.00 price target on shares of AbbVie in a report on Sunday, September 27th. Morgan Stanley increased their price target on AbbVie from $95.00 to $108.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Finally, JPMorgan Chase & Co. increased their price target on AbbVie from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $108.63.

AbbVie Company Profile

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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