B. Riley Wealth Advisors Inc. Decreases Stake in AbbVie Inc. (NYSE:ABBV)

B. Riley Wealth Advisors Inc. cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 22.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,100 shares of the company's stock after selling 24,969 shares during the quarter. B. Riley Wealth Advisors Inc.'s holdings in AbbVie were worth $16,935,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ABBV. Atlanta Consulting Group Advisors LLC purchased a new stake in AbbVie during the third quarter valued at $999,000. Saturna Capital Corp increased its position in shares of AbbVie by 486.1% during the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company's stock valued at $133,531,000 after purchasing an additional 560,808 shares during the last quarter. Avior Wealth Management LLC lifted its stake in shares of AbbVie by 23.5% in the 3rd quarter. Avior Wealth Management LLC now owns 56,556 shares of the company's stock worth $11,169,000 after purchasing an additional 10,768 shares during the period. Schrum Private Wealth Management LLC boosted its holdings in shares of AbbVie by 57.5% in the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company's stock worth $3,282,000 after buying an additional 6,065 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its position in AbbVie by 8.3% during the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company's stock valued at $15,377,000 after buying an additional 5,993 shares during the period. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the subject of several recent research reports. Daiwa Capital Markets lowered AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 price target for the company. in a report on Thursday, December 5th. Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They set a "market perform" rating and a $203.00 price objective for the company. Leerink Partners upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price objective on the stock in a research report on Friday, November 22nd. UBS Group upped their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Finally, Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $203.65.

AbbVie Trading Up 0.1 %

NYSE:ABBV traded up $0.18 during midday trading on Friday, hitting $173.37. The stock had a trading volume of 5,471,791 shares, compared to its average volume of 5,532,226. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock has a 50-day moving average of $184.61 and a 200 day moving average of $182.98. The company has a market capitalization of $306.37 billion, a price-to-earnings ratio of 60.20, a PEG ratio of 1.92 and a beta of 0.58. AbbVie Inc. has a one year low of $151.29 and a one year high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts' consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period in the prior year, the firm earned $2.95 earnings per share. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared 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. This represents a $6.56 annualized dividend and a dividend yield of 3.78%. This is a positive change from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie's dividend payout ratio is presently 215.28%.

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.