Citizens Business Bank Sells 765 Shares of AbbVie Inc. (NYSE:ABBV)

Citizens Business Bank cut its holdings in AbbVie Inc. (NYSE:ABBV) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,779 shares of the company’s stock after selling 765 shares during the period. AbbVie makes up 1.3% of Citizens Business Bank’s investment portfolio, making the stock its 22nd biggest holding. Citizens Business Bank’s holdings in AbbVie were worth $6,276,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ABBV. Atlanta Consulting Group Advisors LLC bought a new stake in AbbVie during the third quarter valued at about $999,000. Saturna Capital Corp boosted its holdings in AbbVie by 486.1% during the third quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after acquiring an additional 560,808 shares during the period. Avior Wealth Management LLC boosted its holdings in AbbVie by 23.5% during the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock valued at $11,169,000 after acquiring an additional 10,768 shares during the period. PGGM Investments boosted its holdings in AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after acquiring an additional 24,756 shares during the period. Finally, Schrum Private Wealth Management LLC boosted its holdings in AbbVie by 57.5% during the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company’s stock valued at $3,282,000 after acquiring an additional 6,065 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of AbbVie stock opened at $175.76 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $310.59 billion, a price-to-earnings ratio of 61.03, a P/E/G ratio of 2.01 and a beta of 0.58. AbbVie Inc. has a 1-year low of $150.16 and a 1-year high of $207.32. The firm’s 50-day moving average price is $186.35 and its two-hundred day moving average price is $182.67.

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

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. 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 3.73%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is 215.28%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ABBV shares. Citigroup cut their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Daiwa America lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. UBS Group upped their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Wells Fargo & Company upped their price objective on shares of AbbVie to $195.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, Guggenheim upped their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $202.19.

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.