United Services Automobile Association Sells 162,358 Shares of AbbVie Inc. (NYSE:ABBV)

United Services Automobile Association reduced its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 26.5% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 449,905 shares of the company's stock after selling 162,358 shares during the quarter. AbbVie comprises 2.3% of United Services Automobile Association's portfolio, making the stock its 6th largest holding. United Services Automobile Association's holdings in AbbVie were worth $88,847,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of ABBV. State Street Corp lifted its stake in AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company's stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the last quarter. Legal & General Group Plc lifted 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 valued at $2,620,382,000 after acquiring an additional 134,239 shares during the last quarter. FMR LLC lifted its position in shares of AbbVie by 3.9% during the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company's stock valued at $2,691,732,000 after acquiring an additional 511,470 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of AbbVie by 6.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company's stock worth $2,009,542,000 after acquiring an additional 582,953 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of AbbVie by 4.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company's stock worth $1,842,642,000 after acquiring an additional 373,802 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Up 0.0 %

NYSE ABBV traded up $0.02 during trading on Friday, reaching $176.19. The company's stock had a trading volume of 4,839,640 shares, compared to its average volume of 7,454,487. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $311.35 billion, a PE ratio of 61.18, a PEG ratio of 2.02 and a beta of 0.58. AbbVie Inc. has a 1-year low of $145.20 and a 1-year high of $207.32. The business has a 50-day moving average price of $186.76 and a 200-day moving average price of $182.38.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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 business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.95 EPS. On average, research analysts forecast 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. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.72%. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie's dividend payout ratio (DPR) is presently 215.28%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several analyst reports. Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the company an "overweight" rating in a report on Friday, August 23rd. Barclays upped their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an "overweight" rating in a research note on Monday, October 7th. Wells Fargo & Company lifted their target price on shares of AbbVie to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. Morgan Stanley reduced their price target on shares of AbbVie from $231.00 to $224.00 and set an "overweight" rating for the company in a research report on Tuesday, November 12th. Finally, Citigroup decreased their price objective on shares of AbbVie from $226.00 to $215.00 and set a "buy" rating for the company in a research note on Tuesday, November 12th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $202.38.

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.