MetLife Investment Management LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 494,261 shares of the company's stock after selling 12,370 shares during the period. AbbVie makes up approximately 0.6% of MetLife Investment Management LLC's investment portfolio, making the stock its 22nd largest holding. MetLife Investment Management LLC's holdings in AbbVie were worth $97,607,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fairway Wealth LLC acquired a new stake in shares of AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter worth approximately $27,000. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie in the 3rd quarter worth approximately $28,000. Quest Partners LLC raised its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company's stock valued at $36,000 after acquiring an additional 207 shares during the period. Finally, Marquette Asset Management LLC purchased a new position in shares of AbbVie during the 3rd quarter valued at $39,000. 70.23% of the stock is owned by institutional investors and hedge funds.
AbbVie Price Performance
ABBV traded up $1.95 on Wednesday, reaching $183.09. The stock had a trading volume of 5,268,798 shares, compared to its average volume of 5,555,972. AbbVie Inc. has a fifty-two week low of $137.65 and a fifty-two week high of $207.32. The firm has a 50-day moving average of $188.85 and a 200-day moving average of $181.58. 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 company has a market capitalization of $323.55 billion, a price-to-earnings ratio of 63.89, a price-to-earnings-growth ratio of 2.02 and a beta of 0.63.
AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the company earned $2.95 earnings per share. The company's quarterly revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current year.
AbbVie Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.58%. AbbVie's payout ratio is presently 215.28%.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Leerink Partnrs upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Friday, November 22nd. Argus raised shares of AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Wells Fargo & Company lifted their price target on shares of AbbVie to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. lowered their target price on shares of AbbVie from $210.00 to $200.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 13th. Finally, Wolfe Research started coverage on shares of AbbVie in a research note on Friday, November 15th. They set an "outperform" rating and a $205.00 target price on the stock. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $203.50.
Check Out Our Latest Report on AbbVie
About AbbVie
(
Free Report)
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.
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