Klingenstein Fields & Co. LP Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Klingenstein Fields & Co. LP lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,850 shares of the company’s stock after selling 164 shares during the quarter. Klingenstein Fields & Co. LP’s holdings in AbbVie were worth $2,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Intact Investment Management Inc. raised its stake in shares of AbbVie by 9.3% in the third quarter. Intact Investment Management Inc. now owns 113,000 shares of the company’s stock worth $22,315,000 after purchasing an additional 9,570 shares during the last quarter. Citizens National Bank Trust Department raised its stake in shares of AbbVie by 0.5% in the third quarter. Citizens National Bank Trust Department now owns 38,943 shares of the company’s stock worth $7,690,000 after purchasing an additional 185 shares during the last quarter. Donaldson Capital Management LLC raised its stake in shares of AbbVie by 0.8% in the third quarter. Donaldson Capital Management LLC now owns 468,612 shares of the company’s stock worth $92,541,000 after purchasing an additional 3,643 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of AbbVie by 7.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,565,758 shares of the company’s stock worth $704,166,000 after purchasing an additional 262,316 shares during the last quarter. Finally, IAG Wealth Partners LLC raised its stake in shares of AbbVie by 15.8% in the third quarter. IAG Wealth Partners LLC now owns 1,269 shares of the company’s stock worth $251,000 after purchasing an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on ABBV shares. Morgan Stanley upped their price objective on AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday. UBS Group upped their price objective on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday. BMO Capital Markets upped their price objective on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Finally, Bank of America upped their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $201.00.

AbbVie Stock Performance

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

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 return on equity of 226.99% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.95 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.20%. AbbVie’s dividend payout ratio is 215.28%.

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.