Kentucky Retirement Systems Insurance Trust Fund Sells 4,659 Shares of AbbVie Inc. (NYSE:ABBV)

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 8.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 52,297 shares of the company's stock after selling 4,659 shares during the quarter. AbbVie makes up approximately 0.7% of Kentucky Retirement Systems Insurance Trust Fund's portfolio, making the stock its 22nd largest holding. Kentucky Retirement Systems Insurance Trust Fund's holdings in AbbVie were worth $10,328,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Saturna Capital Corp raised its position in shares of AbbVie by 486.1% in the third 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 period. First Hawaiian Bank grew its stake in AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company's stock valued at $5,506,000 after buying an additional 2,657 shares during the last quarter. PGGM Investments raised its holdings in AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company's stock worth $5,624,000 after acquiring an additional 24,756 shares during the period. Schrum Private Wealth Management LLC lifted its position in AbbVie by 57.5% during the 3rd quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company's stock worth $3,282,000 after acquiring an additional 6,065 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its position in AbbVie by 8.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company's stock worth $15,377,000 after acquiring an additional 5,993 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 2.8 %

Shares of ABBV opened at $164.91 on Friday. 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 stock has a market cap of $291.42 billion, a PE ratio of 57.26, a PEG ratio of 2.07 and a beta of 0.63. AbbVie Inc. has a 1 year low of $137.05 and a 1 year high of $207.32. The stock has a 50 day simple moving average of $192.04 and a 200-day simple moving average of $180.78.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business'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. On average, sell-side analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal 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 paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.98%. AbbVie's payout ratio is currently 215.28%.

Analyst Ratings Changes

A number of equities analysts have recently commented on ABBV shares. Guggenheim lifted their price objective on AbbVie from $212.00 to $221.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. BMO Capital Markets lowered their price objective on shares of AbbVie from $228.00 to $208.00 and set an "outperform" rating on the stock in a research note on Tuesday. Sanford C. Bernstein began coverage on shares of AbbVie in a research note on Thursday, October 17th. They set a "market perform" rating and a $203.00 target price for the company. Finally, Truist Financial raised their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $203.89.

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.

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