First Long Island Investors LLC Reduces Stake in AbbVie Inc. (NYSE:ABBV)

First Long Island Investors LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 0.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,696 shares of the company’s stock after selling 879 shares during the period. AbbVie comprises 2.2% of First Long Island Investors LLC’s investment portfolio, making the stock its 14th biggest position. First Long Island Investors LLC’s holdings in AbbVie were worth $27,587,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ABBV. Simplify Asset Management Inc. acquired a new stake in shares of AbbVie during the third quarter worth $9,331,000. KCM Investment Advisors LLC boosted its holdings in AbbVie by 1.3% in the third quarter. KCM Investment Advisors LLC now owns 78,792 shares of the company’s stock valued at $15,560,000 after acquiring an additional 981 shares during the last quarter. Empirical Finance LLC boosted its holdings in AbbVie by 2.2% in the third quarter. Empirical Finance LLC now owns 60,938 shares of the company’s stock valued at $12,034,000 after acquiring an additional 1,303 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in AbbVie by 5.9% in the third quarter. CIBC Asset Management Inc now owns 362,342 shares of the company’s stock valued at $71,538,000 after acquiring an additional 20,137 shares during the last quarter. Finally, Oak Harbor Wealth Partners LLC boosted its holdings in AbbVie by 4.0% in the third quarter. Oak Harbor Wealth Partners LLC now owns 4,070 shares of the company’s stock valued at $804,000 after acquiring an additional 157 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 1.7 %

Shares of NYSE:ABBV traded down $2.90 during midday trading on Friday, hitting $166.73. 3,236,599 shares of the stock were exchanged, compared to its average volume of 5,433,626. AbbVie Inc. has a 52-week low of $137.05 and a 52-week high of $207.32. The business’s fifty day simple moving average is $192.62 and its two-hundred day simple moving average is $180.76. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company has a market capitalization of $294.64 billion, a PE ratio of 57.99, a P/E/G ratio of 2.07 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, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business posted $2.95 earnings per share. As a group, research analysts predict that AbbVie Inc. will post 10.95 earnings per share 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 issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.93%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Morgan Stanley cut their price objective on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research report on Tuesday. TD Cowen raised their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Citigroup cut their price objective on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, BMO Capital Markets cut their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $203.89.

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.