Synovus Financial Corp Sells 1,295 Shares of AbbVie Inc. (NYSE:ABBV)

Synovus Financial Corp lessened its position in AbbVie Inc. (NYSE:ABBV) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 129,684 shares of the company’s stock after selling 1,295 shares during the period. Synovus Financial Corp’s holdings in AbbVie were worth $25,610,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Tidal Investments LLC lifted its position in AbbVie by 0.7% during the third quarter. Tidal Investments LLC now owns 113,375 shares of the company’s stock valued at $22,389,000 after buying an additional 780 shares during the period. Destination Wealth Management lifted its position in AbbVie by 68.1% during the 3rd quarter. Destination Wealth Management now owns 3,369 shares of the company’s stock valued at $665,000 after acquiring an additional 1,365 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in AbbVie by 157.0% during the third quarter. Wilmington Savings Fund Society FSB now owns 82,223 shares of the company’s stock worth $16,237,000 after acquiring an additional 50,231 shares in the last quarter. Arvest Bank Trust Division purchased a new stake in AbbVie in the third quarter worth about $18,015,000. Finally, Sanctuary Advisors LLC lifted its holdings in shares of AbbVie by 23.7% during the third quarter. Sanctuary Advisors LLC now owns 528,802 shares of the company’s stock valued at $104,428,000 after purchasing an additional 101,455 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $173.16 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. The stock has a 50-day simple moving average of $185.03 and a two-hundred day simple moving average of $182.68. The firm has a market capitalization of $306.00 billion, a PE ratio of 60.13, a P/E/G ratio of 2.01 and a beta of 0.58. AbbVie Inc. has a 52-week low of $151.29 and a 52-week high of $207.32.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the business earned $2.95 EPS. Analysts forecast that AbbVie Inc. will post 10.95 EPS for the current 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 issued a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.79%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 227.78%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. TD Cowen raised their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Wolfe Research assumed coverage on shares of AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target on the stock. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. dropped their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Finally, BMO Capital Markets decreased their price objective on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $203.65.

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.