AbbVie Inc. (NYSE:ABBV) Stock Position Lowered by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 8.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,634,739 shares of the company's stock after selling 142,482 shares during the quarter. AbbVie makes up 1.0% of Lord Abbett & CO. LLC's investment portfolio, making the stock its 15th largest position. Lord Abbett & CO. LLC owned approximately 0.09% of AbbVie worth $322,828,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atlanta Consulting Group Advisors LLC acquired a new stake in AbbVie during the third quarter worth approximately $999,000. Saturna Capital Corp boosted its holdings in shares of AbbVie by 486.1% during the third quarter. Saturna Capital Corp now owns 676,176 shares of the company's stock worth $133,531,000 after purchasing an additional 560,808 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in shares of AbbVie by 23.5% during the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company's stock worth $11,169,000 after purchasing an additional 10,768 shares during the last quarter. Schrum Private Wealth Management LLC grew its position in shares of 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 during the period. Finally, Venturi Wealth Management LLC increased its stake in AbbVie by 8.3% in the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company's stock valued at $15,377,000 after purchasing an additional 5,993 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ABBV shares. Bank of America restated a "neutral" rating and issued a $191.00 target price on shares of AbbVie in a report on Tuesday. TD Cowen boosted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a "buy" rating in a research note on Monday, October 7th. Wolfe Research assumed coverage on AbbVie in a research report on Friday, November 15th. They issued an "outperform" rating and a $205.00 target price on the stock. BMO Capital Markets lowered their price target on AbbVie from $228.00 to $208.00 and set an "outperform" rating for the company in a research report on Tuesday, November 12th. Finally, Leerink Partners upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target on the stock in a report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and a consensus price target of $203.65.

AbbVie Stock Performance

Shares of AbbVie stock traded up $0.18 on Friday, reaching $173.37. 5,471,791 shares of the company were exchanged, compared to its average volume of 5,532,226. The firm has a market cap of $306.37 billion, a price-to-earnings ratio of 60.20, a P/E/G ratio of 1.92 and a beta of 0.58. AbbVie Inc. has a 1-year low of $151.29 and a 1-year high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company's 50-day moving average is $184.61 and its two-hundred day moving average is $182.98.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping 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 business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period in the prior year, the company posted $2.95 EPS. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc. will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie's previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.78%. AbbVie's dividend payout ratio (DPR) is 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.