Stiles Financial Services Inc Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Stiles Financial Services Inc cut its holdings in AbbVie Inc. (NYSE:ABBV) by 11.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,221 shares of the company’s stock after selling 681 shares during the quarter. Stiles Financial Services Inc’s holdings in AbbVie were worth $1,031,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. China Universal Asset Management Co. Ltd. purchased a new stake in AbbVie in the 1st quarter valued at $646,000. Quent Capital LLC lifted its stake in AbbVie by 3.3% during the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after acquiring an additional 283 shares in the last quarter. Nelson Capital Management LLC lifted its stake in AbbVie by 27.3% during the 1st quarter. Nelson Capital Management LLC now owns 25,989 shares of the company’s stock worth $4,733,000 after acquiring an additional 5,578 shares in the last quarter. Benedetti & Gucer Inc. acquired a new position in AbbVie during the 1st quarter worth about $267,000. Finally, Capital Wealth Planning LLC acquired a new position in AbbVie during the 1st quarter worth about $1,751,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.4 %

ABBV opened at $200.46 on Friday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $207.32. The firm has a 50 day moving average price of $194.41 and a 200 day moving average price of $180.25. The company has a market cap of $354.08 billion, a PE ratio of 69.60, a price-to-earnings-growth ratio of 2.51 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 (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the firm earned $2.95 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc. will post 10.96 earnings per share for the current 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. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.27%. AbbVie’s payout ratio is 215.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ABBV shares. Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. TD Cowen raised 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. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Truist Financial raised their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $202.72.

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.