CORDA Investment Management LLC. Sells 1,168 Shares of AbbVie Inc. (NYSE:ABBV)

CORDA Investment Management LLC. cut its position in AbbVie Inc. (NYSE:ABBV) by 13.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,454 shares of the company’s stock after selling 1,168 shares during the quarter. CORDA Investment Management LLC.’s holdings in AbbVie were worth $1,472,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter worth about $27,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the third quarter worth about $39,000. Quest Partners LLC grew its stake in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. Finally, Burkett Financial Services LLC grew its stake in shares of AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after acquiring an additional 82 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.6 %

Shares of ABBV stock opened at $204.73 on Monday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company has a market cap of $361.62 billion, a price-to-earnings ratio of 70.68, a PEG ratio of 2.78 and a beta of 0.63. The stock has a 50 day simple moving average of $194.12 and a 200-day simple moving average of $179.60. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.95 EPS. On average, equities research analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced 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 represents a $6.56 annualized dividend and a dividend yield of 3.20%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ABBV. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. UBS Group upped their target price on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, BMO Capital Markets upped their target price on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $201.00.

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.