King Luther Capital Management Corp Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

King Luther Capital Management Corp lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 857,355 shares of the company's stock after selling 9,151 shares during the quarter. King Luther Capital Management Corp's holdings in AbbVie were worth $169,310,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Atlanta Consulting Group Advisors LLC purchased a new position in AbbVie during the third quarter worth about $999,000. Saturna Capital Corp boosted 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 acquiring an additional 560,808 shares during the last quarter. First Hawaiian Bank grew its holdings in shares of AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company's stock worth $5,506,000 after purchasing an additional 2,657 shares in the last quarter. PGGM Investments increased its position in shares of AbbVie by 308.1% in the second quarter. PGGM Investments now owns 32,790 shares of the company's stock worth $5,624,000 after purchasing an additional 24,756 shares during the last quarter. Finally, Schrum Private Wealth Management LLC raised its stake in AbbVie by 57.5% in the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company's stock valued at $3,282,000 after purchasing an additional 6,065 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. William Blair raised shares of AbbVie to a "strong-buy" rating in a research note on Friday, August 30th. Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an "overweight" rating in a research report on Friday, August 23rd. TD Cowen raised their price target on AbbVie from $195.00 to $225.00 and gave the company a "buy" rating in a research report on Monday, October 7th. Truist Financial upped their price objective on AbbVie from $210.00 to $215.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Finally, UBS Group raised their price objective on AbbVie from $195.00 to $200.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $203.37.

AbbVie Price Performance

Shares of AbbVie stock opened at $167.74 on Thursday. The firm has a market cap of $296.42 billion, a PE ratio of 58.24, a price-to-earnings-growth ratio of 2.01 and a beta of 0.63. The company's fifty day simple moving average is $190.25 and its two-hundred day simple moving average is $181.01. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 12-month low of $137.65 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the previous year, the business earned $2.95 EPS. AbbVie's revenue was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed 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 is an increase from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Wednesday, January 15th. AbbVie's 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.

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