Foster & Motley Inc. Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

Foster & Motley Inc. trimmed its position in AbbVie Inc. (NYSE:ABBV) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,645 shares of the company’s stock after selling 3,159 shares during the quarter. Foster & Motley Inc.’s holdings in AbbVie were worth $11,384,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. First Hawaiian Bank lifted its position in shares of AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares in the last quarter. PGGM Investments grew its position in shares of AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares during the last quarter. Foresight Capital Management Advisors Inc. acquired a new position in AbbVie in the 2nd quarter valued at about $1,349,000. Sumitomo Life Insurance Co. raised its position in AbbVie by 29.6% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock worth $5,333,000 after buying an additional 6,161 shares during the last quarter. Finally, Ullmann Wealth Partners Group LLC lifted its holdings in shares of AbbVie by 109.1% in the 3rd quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock valued at $1,249,000 after buying an additional 3,301 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of several research reports. BMO Capital Markets lifted their price target on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Truist Financial boosted their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Citigroup raised their target price on shares of AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $201.00.

AbbVie Stock Performance

Shares of ABBV opened at $201.69 on Wednesday. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business’s 50 day moving average price is $194.29 and its 200-day moving average price is $180.10. The stock has a market cap of $356.25 billion, a P/E ratio of 70.03, a P/E/G ratio of 2.54 and a beta of 0.63.

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

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.25%. AbbVie’s payout ratio is 215.28%.

AbbVie Company Profile

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.