Principal Street Partners LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 12.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 41,492 shares of the company's stock after selling 5,765 shares during the period. AbbVie comprises about 1.3% of Principal Street Partners LLC's investment portfolio, making the stock its 11th largest holding. Principal Street Partners LLC's holdings in AbbVie were worth $7,931,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Brooklyn Investment Group raised its holdings in shares of AbbVie by 17.7% in the third quarter. Brooklyn Investment Group now owns 11,836 shares of the company's stock valued at $2,337,000 after purchasing an additional 1,779 shares during the last quarter. Quantbot Technologies LP bought a new stake in AbbVie during the 3rd quarter worth about $152,000. FMR LLC lifted its position in AbbVie by 3.9% during the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company's stock worth $2,691,732,000 after buying an additional 511,470 shares in the last quarter. Elios Financial Group Inc. acquired a new position in shares of AbbVie during the 3rd quarter worth about $496,000. Finally, Capital Square LLC bought a new position in shares of AbbVie in the 3rd quarter valued at about $235,000. 70.23% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Citigroup reduced their price target on AbbVie from $226.00 to $215.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Sanford C. Bernstein assumed coverage on shares of AbbVie in a report on Thursday, October 17th. They set a "market perform" rating and a $203.00 target price on the stock. William Blair upgraded shares of AbbVie to a "strong-buy" rating in a research note on Friday, August 30th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the stock an "overweight" rating in a research report on Friday, August 23rd. Finally, Bank of America raised their price objective on AbbVie from $185.00 to $195.00 and gave the company a "neutral" rating in a research report on Friday, October 18th. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $203.50.
Check Out Our Latest Report on AbbVie
AbbVie Price Performance
ABBV traded up $4.10 on Tuesday, reaching $181.16. The stock had a trading volume of 6,942,101 shares, compared to its average volume of 5,557,194. The firm has a 50-day moving average of $189.09 and a 200-day moving average of $181.44. AbbVie Inc. has a fifty-two week low of $137.65 and a fifty-two week high of $207.32. 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 $320.14 billion, a price-to-earnings ratio of 61.81, a price-to-earnings-growth ratio of 2.16 and a beta of 0.63.
AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 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 firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the business earned $2.95 EPS. The business's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current year.
AbbVie Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a positive change from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Wednesday, January 15th. AbbVie's dividend payout ratio is currently 227.78%.
AbbVie Company Profile
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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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