Spinnaker Trust Has $3.06 Million Stake in AbbVie Inc. (NYSE:ABBV)

Spinnaker Trust lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,509 shares of the company’s stock after selling 482 shares during the period. Spinnaker Trust’s holdings in AbbVie were worth $3,063,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after purchasing an additional 9,978,415 shares in the last quarter. Capital International Investors increased its position in shares of AbbVie by 6.9% in the first 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 last quarter. Capital Research Global Investors grew its stake in AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after purchasing an additional 992,496 shares in the last quarter. Legal & General Group Plc increased 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 worth $2,620,382,000 after purchasing an additional 134,239 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake 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 worth $1,984,490,000 after purchasing an additional 1,240,434 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.6 %

Shares of AbbVie stock traded up $1.31 on Wednesday, reaching $202.99. 1,437,279 shares of the company’s stock were exchanged, compared to its average volume of 5,301,912. The firm’s 50-day moving average is $194.29 and its two-hundred day moving average is $180.10. The company has a market capitalization of $358.55 billion, a P/E ratio of 70.48, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. 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 52 week low of $135.85 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly 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. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the company posted $2.95 earnings per share. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent analyst reports. Bank of America raised their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. TD Cowen lifted their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Truist Financial raised their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Four investment 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 company presently has an average rating of “Moderate Buy” and an average target price of $201.00.

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.