Hollencrest Capital Management Sells 315 Shares of AbbVie Inc. (NYSE:ABBV)

Hollencrest Capital Management trimmed its position in AbbVie Inc. (NYSE:ABBV) by 4.8% during the third quarter, Holdings Channel reports. The institutional investor owned 6,221 shares of the company’s stock after selling 315 shares during the quarter. Hollencrest Capital Management’s holdings in AbbVie were worth $1,229,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after buying an additional 9,978,415 shares during the last quarter. Capital International Investors raised its stake in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of AbbVie by 3.3% in the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after buying an additional 992,496 shares during the last quarter. Legal & General Group Plc raised its position in AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after acquiring an additional 134,239 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in AbbVie by 12.8% during the first quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock worth $1,984,490,000 after buying an additional 1,240,434 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ABBV. UBS Group raised their price objective on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Guggenheim increased their target price on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a report on Wednesday. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $202.72.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $0.72 during midday trading on Friday, hitting $201.23. 772,639 shares of the stock traded hands, compared to its average volume of 5,303,564. The firm has a market capitalization of $355.44 billion, a P/E ratio of 69.94, a PEG ratio of 2.51 and a beta of 0.63. 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 50-day moving average of $194.41 and a two-hundred day moving average of $180.25.

AbbVie (NYSE:ABBV) last released its quarterly 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. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period last year, the firm earned $2.95 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced 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 represents a $6.56 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio 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.