First County Bank CT Sells 1,355 Shares of AbbVie Inc. (NYSE:ABBV)

First County Bank CT lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 17,720 shares of the company’s stock after selling 1,355 shares during the quarter. AbbVie accounts for 1.7% of First County Bank CT’s portfolio, making the stock its 13th biggest position. First County Bank CT’s holdings in AbbVie were worth $3,499,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Darden Wealth Group Inc boosted its holdings in shares of AbbVie by 3.4% in the third quarter. Darden Wealth Group Inc now owns 4,732 shares of the company’s stock worth $934,000 after acquiring an additional 155 shares during the period. 49 Wealth Management LLC lifted its holdings in AbbVie by 224.0% during the 3rd quarter. 49 Wealth Management LLC now owns 5,002 shares of the company’s stock worth $988,000 after purchasing an additional 3,458 shares in the last quarter. Lathrop Investment Management Corp boosted its stake in AbbVie by 13.3% in the 3rd quarter. Lathrop Investment Management Corp now owns 4,273 shares of the company’s stock worth $844,000 after purchasing an additional 500 shares during the period. HealthInvest Partners AB grew its holdings in AbbVie by 24.9% during the 3rd quarter. HealthInvest Partners AB now owns 44,486 shares of the company’s stock valued at $8,785,000 after buying an additional 8,868 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of AbbVie by 5.1% in the third quarter. Pacer Advisors Inc. now owns 391,915 shares of the company’s stock worth $77,395,000 after buying an additional 19,025 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $172.18 on Friday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a fifty-two week low of $137.65 and a fifty-two week high of $207.32. The firm has a market cap of $304.27 billion, a PE ratio of 59.78, a price-to-earnings-growth ratio of 2.03 and a beta of 0.63. The business has a 50 day moving average price of $189.81 and a 200-day moving average price of $180.95.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The company 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 244.01%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.95 EPS. Equities research analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.81%. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Morgan Stanley decreased their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. TD Cowen increased their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Wells Fargo & Company boosted their target price on AbbVie to $195.00 and gave the stock a “buy” rating in a research report on Tuesday. Truist Financial lifted their price target on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Wolfe Research initiated coverage on shares of AbbVie in a research report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $203.50.

AbbVie 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.