AbbVie Inc. (NYSE:ABBV) Stock Position Cut by RBO & Co. LLC

RBO & Co. LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 195,087 shares of the company’s stock after selling 1,044 shares during the quarter. AbbVie comprises about 6.1% of RBO & Co. LLC’s investment portfolio, making the stock its largest holding. RBO & Co. LLC’s holdings in AbbVie were worth $38,526,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ABBV. Legal & General Group Plc increased its position in AbbVie by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after buying an additional 134,239 shares in the last quarter. FMR LLC grew its stake in shares of AbbVie by 3.9% during the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after acquiring an additional 511,470 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of AbbVie by 4.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after acquiring an additional 373,802 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of AbbVie by 7.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock valued at $1,516,358,000 after purchasing an additional 623,569 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in AbbVie by 8.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,051,598 shares of the company’s stock worth $866,450,000 after purchasing an additional 381,871 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 2.3 %

Shares of NYSE ABBV opened at $181.16 on Wednesday. The firm has a market cap of $320.14 billion, a price-to-earnings ratio of 62.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.63. The company’s 50-day simple moving average is $188.85 and its 200-day simple moving average is $181.58. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 52-week low of $137.65 and a 52-week high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company posted $2.95 EPS. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company 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 3.62%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 227.78%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Citigroup reduced their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. reduced their price objective on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Finally, Truist Financial upped their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $203.50.

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.