iA Global Asset Management Inc. Sells 68,400 Shares of AbbVie Inc. (NYSE:ABBV)

iA Global Asset Management Inc. lowered its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 75.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,730 shares of the company's stock after selling 68,400 shares during the period. iA Global Asset Management Inc.'s holdings in AbbVie were worth $4,489,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC acquired a new position in AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the second quarter worth approximately $27,000. RPg Family Wealth Advisory LLC bought a new stake in AbbVie during the third quarter worth approximately $28,000. Quest Partners LLC boosted its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company's stock worth $36,000 after purchasing an additional 207 shares during the period. Finally, Marquette Asset Management LLC bought a new stake in AbbVie during the third quarter worth approximately $39,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABBV. Sanford C. Bernstein began coverage on AbbVie in a research report on Thursday, October 17th. They set a "market perform" rating and a $203.00 target price for the company. William Blair raised AbbVie to a "strong-buy" rating in a research report on Friday, August 30th. Truist Financial increased their price objective on AbbVie from $210.00 to $215.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. UBS Group increased their price objective on AbbVie from $195.00 to $200.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Argus raised AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $202.38.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $0.02 during midday 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. AbbVie Inc. has a fifty-two week low of $145.20 and a fifty-two week high of $207.32. The company has a market capitalization of $311.35 billion, a P/E ratio of 61.18, a P/E/G ratio of 2.02 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The business's fifty day simple moving average is $186.76 and its 200-day simple moving average is $182.54.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company posted $2.95 earnings per share. The firm's quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a boost from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.72%. AbbVie's dividend payout ratio (DPR) is currently 227.78%.

About AbbVie

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.