Gulf International Bank UK Ltd Sells 6,107 Shares of AbbVie Inc. (NYSE:ABBV)

Gulf International Bank UK Ltd cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,084 shares of the company’s stock after selling 6,107 shares during the quarter. AbbVie makes up about 0.7% of Gulf International Bank UK Ltd’s investment portfolio, making the stock its 22nd biggest position. Gulf International Bank UK Ltd’s holdings in AbbVie were worth $27,466,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. FSM Wealth Advisors LLC grew its stake in AbbVie by 3.0% during the third quarter. FSM Wealth Advisors LLC now owns 5,232 shares of the company’s stock valued at $1,033,000 after acquiring an additional 151 shares in the last quarter. Alterna Wealth Management Inc. purchased a new position in shares of AbbVie during the third quarter valued at about $209,000. Moloney Securities Asset Management LLC increased its holdings in shares of AbbVie by 2.5% in the third quarter. Moloney Securities Asset Management LLC now owns 22,345 shares of the company’s stock worth $4,413,000 after purchasing an additional 554 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its position in shares of AbbVie by 0.7% in the third quarter. Hazlett Burt & Watson Inc. now owns 9,416 shares of the company’s stock worth $1,858,000 after buying an additional 62 shares in the last quarter. Finally, Arlington Capital Management Inc. grew its holdings in AbbVie by 15.5% during the 3rd quarter. Arlington Capital Management Inc. now owns 1,506 shares of the company’s stock valued at $297,000 after buying an additional 202 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $200.47 on Tuesday. The firm has a 50-day simple moving average of $194.18 and a two-hundred day simple moving average of $179.85. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a one year low of $135.85 and a one year high of $207.32. The firm has a market cap of $354.10 billion, a price-to-earnings ratio of 69.61, a PEG ratio of 2.78 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the business posted $2.95 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is 227.78%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ABBV shares. Bank of America increased their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. UBS Group upped their target price on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein began coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Morgan Stanley raised their price objective on AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $201.00.

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.