Latitude Advisors LLC Has $508,000 Position in AbbVie Inc. (NYSE:ABBV)

Latitude Advisors LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% during the third quarter, Holdings Channel reports. The fund owned 2,571 shares of the company’s stock after selling 61 shares during the quarter. Latitude Advisors LLC’s holdings in AbbVie were worth $508,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of AbbVie by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares during the period. Capital International Investors lifted its position in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares during the period. Capital Research Global Investors lifted its position in shares of AbbVie by 3.3% during the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after acquiring an additional 992,496 shares during the period. Legal & General Group Plc lifted its position in shares of 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 acquiring an additional 134,239 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of AbbVie by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after acquiring an additional 1,240,434 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ABBV shares. Barclays upped 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. UBS Group upped their price objective on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday. Bank of America upped their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Morgan Stanley upped their price objective on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

AbbVie Price Performance

ABBV opened at $203.55 on Friday. The firm has a market cap of $359.54 billion, a P/E ratio of 70.68, a PEG ratio of 2.76 and a beta of 0.63. The firm has a 50-day moving average of $194.12 and a 200 day moving average of $179.49. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32.

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%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business earned $2.95 earnings per share. On average, research analysts expect that AbbVie Inc. will post 10.9 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

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.