Wealthquest Corp Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Wealthquest Corp cut its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 55.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,766 shares of the company's stock after selling 3,495 shares during the period. Wealthquest Corp's holdings in AbbVie were worth $545,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Atlanta Consulting Group Advisors LLC purchased a new stake in AbbVie in the 3rd quarter valued at approximately $999,000. Saturna Capital Corp grew its holdings in 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 acquiring an additional 560,808 shares during the period. Avior Wealth Management LLC raised its position in AbbVie by 23.5% in the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company's stock worth $11,169,000 after acquiring an additional 10,768 shares in the last quarter. Schrum Private Wealth Management LLC lifted its holdings 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 acquiring an additional 6,065 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in shares of 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 purchasing an additional 5,993 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Down 0.7 %

ABBV stock traded down $1.18 on Thursday, hitting $173.19. 4,898,016 shares of the company were exchanged, compared to its average volume of 5,524,132. The stock has a market capitalization of $306.05 billion, a price-to-earnings ratio of 60.51, a price-to-earnings-growth ratio of 2.01 and a beta of 0.58. The business's fifty day moving average is $185.48 and its two-hundred day moving average is $182.75. AbbVie Inc. has a twelve month low of $151.29 and a twelve month high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results 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 business had revenue of $14.46 billion for 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $2.95 EPS. As a group, research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently declared 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 represents a $6.56 dividend on an annualized basis and a yield of 3.79%. This is a boost from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie's payout ratio is 227.78%.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They set a "market perform" rating and a $203.00 price objective on the stock. Leerink Partnrs upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Friday, November 22nd. Truist Financial lifted 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. Daiwa America lowered AbbVie from a "strong-buy" rating to a "hold" rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company lifted their price target on AbbVie to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus target price of $203.65.

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.