Barnett & Company Inc. Lowers Position in AbbVie Inc. (NYSE:ABBV)

Barnett & Company Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,468 shares of the company’s stock after selling 200 shares during the period. AbbVie makes up approximately 4.4% of Barnett & Company Inc.’s holdings, making the stock its 3rd largest position. Barnett & Company Inc.’s holdings in AbbVie were worth $6,609,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. GGM Financials LLC grew its position in AbbVie by 0.7% in the third quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock valued at $1,362,000 after acquiring an additional 50 shares during the period. Pine Haven Investment Counsel Inc grew its holdings in shares of AbbVie by 0.3% in the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after purchasing an additional 52 shares during the last quarter. Frisch Financial Group Inc. lifted its holdings in AbbVie by 0.8% during the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after purchasing an additional 53 shares during the last quarter. First Citizens Financial Corp boosted its position in AbbVie by 0.9% in the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after buying an additional 53 shares in the last quarter. Finally, Sunflower Bank N.A. increased its holdings in AbbVie by 0.4% during the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after purchasing an additional 53 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent analyst reports. BMO Capital Markets upped their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Barclays increased their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Bank of America boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. UBS Group boosted their target price on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.41.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $0.77 during midday trading on Tuesday, reaching $175.20. 3,130,345 shares of the stock were exchanged, compared to its average volume of 5,380,714. AbbVie Inc. has a twelve month low of $136.30 and a twelve month high of $207.32. The company has a quick ratio of 0.71, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The firm has a 50-day simple moving average of $194.14 and a two-hundred day simple moving average of $180.83. The firm has a market cap of $309.60 billion, a price-to-earnings ratio of 60.84, a PEG ratio of 2.44 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period in the previous year, the company posted $2.95 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 227.78%.

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.