AbbVie Inc. (NYSE:ABBV) Shares Sold by NorthRock Partners LLC

NorthRock Partners LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 25.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,613 shares of the company’s stock after selling 6,063 shares during the period. NorthRock Partners LLC’s holdings in AbbVie were worth $3,478,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Global Wealth Management Investment Advisory Inc. grew its holdings in AbbVie by 5.4% during the 3rd quarter. Global Wealth Management Investment Advisory Inc. now owns 24,175 shares of the company’s stock valued at $4,774,000 after purchasing an additional 1,237 shares in the last quarter. Hanlon Investment Management Inc. increased its position in shares of AbbVie by 15.3% during the third quarter. Hanlon Investment Management Inc. now owns 1,360 shares of the company’s stock worth $269,000 after acquiring an additional 180 shares during the last quarter. Capital Management Corp VA acquired a new stake in AbbVie during the 3rd quarter valued at approximately $215,000. Amalgamated Bank increased its holdings in AbbVie by 3.8% during the 3rd quarter. Amalgamated Bank now owns 381,018 shares of the company’s stock worth $75,243,000 after purchasing an additional 14,111 shares during the last quarter. Finally, Clarity Financial LLC grew its position in shares of AbbVie by 7.8% during the third quarter. Clarity Financial LLC now owns 166,746 shares of the company’s stock worth $32,929,000 after buying an additional 12,121 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $0.47 during trading on Tuesday, hitting $200.00. The stock had a trading volume of 363,253 shares, compared to its average volume of 5,296,919. The business has a fifty day moving average of $194.18 and a two-hundred day moving average of $179.85. The firm has a market cap of $353.27 billion, a P/E ratio of 69.61, a PEG ratio of 2.54 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the prior year, the firm earned $2.95 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts expect that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ABBV shares. Citigroup upped their target price on shares of AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. BMO Capital Markets raised their price objective on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $201.00.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.