Forte Capital LLC ADV Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Forte Capital LLC ADV lowered its stake in AbbVie Inc. (NYSE:ABBV) by 1.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 16,245 shares of the company’s stock after selling 164 shares during the quarter. Forte Capital LLC ADV’s holdings in AbbVie were worth $3,208,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. bought a new position in AbbVie in the 1st quarter valued at approximately $646,000. Quent Capital LLC raised its position in AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after buying an additional 283 shares during the last quarter. John G Ullman & Associates Inc. bought a new position in AbbVie during the 1st quarter valued at about $222,000. Advisory Alpha LLC boosted its holdings in shares of AbbVie by 11.3% during the 1st quarter. Advisory Alpha LLC now owns 4,085 shares of the company’s stock valued at $744,000 after acquiring an additional 415 shares during the last quarter. Finally, MGB Wealth Management LLC grew its stake in shares of AbbVie by 0.7% in the first quarter. MGB Wealth Management LLC now owns 13,322 shares of the company’s stock worth $2,426,000 after acquiring an additional 87 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.2 %

ABBV stock opened at $201.20 on Thursday. 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 Inc. has a 1-year low of $135.85 and a 1-year high of $207.32. The business has a 50 day simple moving average of $194.41 and a two-hundred day simple moving average of $180.25. The company has a market capitalization of $355.39 billion, a price-to-earnings ratio of 69.86, a PEG ratio of 2.54 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.95 earnings per share. Research analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a $1.64 dividend. 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 3.26%. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is currently 215.28%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ABBV shares. BMO Capital Markets raised their target price on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Guggenheim increased their target price on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $202.72.

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.