Advisors Asset Management Inc. Sells 39,044 Shares of AbbVie Inc. (NYSE:ABBV)

Advisors Asset Management Inc. lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 21.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 140,098 shares of the company's stock after selling 39,044 shares during the period. AbbVie comprises 0.5% of Advisors Asset Management Inc.'s holdings, making the stock its 28th largest position. Advisors Asset Management Inc.'s holdings in AbbVie were worth $27,667,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ABBV. China Universal Asset Management Co. Ltd. acquired a new position in shares of AbbVie during the 1st quarter worth approximately $646,000. Quent Capital LLC raised its position in AbbVie by 3.3% during the first quarter. Quent Capital LLC now owns 8,740 shares of the company's stock worth $1,592,000 after acquiring an additional 283 shares in the last quarter. Seven Eight Capital LP acquired a new stake in AbbVie in the first quarter valued at $576,000. EP Wealth Advisors LLC grew its position in shares of AbbVie by 4.0% in the 1st quarter. EP Wealth Advisors LLC now owns 88,610 shares of the company's stock valued at $16,136,000 after acquiring an additional 3,439 shares during the period. Finally, Rodgers Brothers Inc. increased its stake in shares of AbbVie by 3.7% during the 1st quarter. Rodgers Brothers Inc. now owns 134,163 shares of the company's stock worth $24,431,000 after purchasing an additional 4,816 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.7 %

ABBV stock traded up $1.17 during trading on Wednesday, hitting $167.74. The company had a trading volume of 7,133,346 shares, compared to its average volume of 5,488,950. The stock has a market cap of $296.42 billion, a PE ratio of 57.87, a PEG ratio of 2.01 and a beta of 0.63. The business has a 50-day moving average of $190.79 and a 200-day moving average of $181.10. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a one year low of $137.65 and a one year high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts' expectations of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.95 earnings per share. 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. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.91%. AbbVie's dividend payout ratio (DPR) is 215.28%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America raised their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Morgan Stanley lowered 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, November 12th. Argus raised shares of AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. JPMorgan Chase & Co. lowered their price target on shares of AbbVie from $210.00 to $200.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 13th. Finally, Guggenheim boosted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $203.37.

AbbVie 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.