Private Advisor Group LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Private Advisor Group LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 1.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,159 shares of the company’s stock after selling 4,392 shares during the quarter. Private Advisor Group LLC’s holdings in AbbVie were worth $54,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after purchasing an additional 9,978,415 shares during the period. Capital World Investors raised its stake in AbbVie by 249.1% in the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after buying an additional 3,120,310 shares in the last quarter. Capital International Investors lifted its holdings in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares during the period. TD Asset Management Inc boosted its position in AbbVie by 156.0% during the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock valued at $632,619,000 after acquiring an additional 2,116,997 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of AbbVie during the 1st quarter worth approximately $367,372,000. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 1.2 %

Shares of NYSE:ABBV opened at $188.78 on Wednesday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a market cap of $333.36 billion, a P/E ratio of 56.02, a PEG ratio of 2.66 and a beta of 0.63. The stock’s fifty day moving average price is $194.32 and its 200-day moving average price is $178.01.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.91 EPS. Sell-side analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ABBV shares. UBS Group raised their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Truist Financial lifted their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $198.47.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by insiders.

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.