AbbVie Inc. (NYSE:ABBV) Stock Holdings Reduced by Westchester Capital Management Inc.

Westchester Capital Management Inc. lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 105,590 shares of the company’s stock after selling 1,105 shares during the period. AbbVie comprises about 5.1% of Westchester Capital Management Inc.’s holdings, making the stock its 6th largest position. Westchester Capital Management Inc.’s holdings in AbbVie were worth $20,852,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its stake in shares of AbbVie by 2.4% during the third quarter. Lindbrook Capital LLC now owns 11,499 shares of the company’s stock worth $2,271,000 after buying an additional 265 shares during the period. 5th Street Advisors LLC purchased a new stake in AbbVie during the 3rd quarter valued at approximately $276,000. Klingman & Associates LLC lifted its position in AbbVie by 35.7% during the 3rd quarter. Klingman & Associates LLC now owns 11,665 shares of the company’s stock worth $2,304,000 after acquiring an additional 3,069 shares during the period. Assetmark Inc. increased its holdings in shares of AbbVie by 8.6% in the third quarter. Assetmark Inc. now owns 150,509 shares of the company’s stock valued at $29,723,000 after purchasing an additional 11,893 shares during the period. Finally, Verdence Capital Advisors LLC raised its stake in shares of AbbVie by 5.5% during the third quarter. Verdence Capital Advisors LLC now owns 22,326 shares of the company’s stock worth $4,409,000 after purchasing an additional 1,164 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on ABBV shares. Piper Sandler boosted their price objective 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets raised their price objective on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Bank of America lifted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Citigroup increased their target price on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.72.

AbbVie Stock Performance

NYSE:ABBV opened at $199.57 on Friday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $207.32. The company has a market capitalization of $352.67 billion, a P/E ratio of 69.30, a price-to-earnings-growth ratio of 2.51 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a 50-day moving average price of $194.58 and a two-hundred day moving average price of $180.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.95 EPS. 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors 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 3.29%. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

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.