Spinnaker Trust Sells 482 Shares of AbbVie Inc. (NYSE:ABBV)

Spinnaker Trust lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 3.0% during the third quarter, HoldingsChannel reports. The fund owned 15,509 shares of the company’s stock after selling 482 shares during the quarter. Spinnaker Trust’s holdings in AbbVie were worth $3,063,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter worth $27,000. Quest Partners LLC increased its holdings in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. Marquette Asset Management LLC bought a new stake in AbbVie in the 3rd quarter valued at about $39,000. Finally, Burkett Financial Services LLC lifted its holdings in AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after purchasing an additional 82 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Citigroup increased their target price on shares of AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Bank of America raised their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Barclays increased their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $201.00.

AbbVie Trading Up 0.6 %

Shares of ABBV traded up $1.31 during mid-day trading on Wednesday, hitting $202.99. 1,437,279 shares of the company’s stock traded hands, compared to its average volume of 5,301,912. The business’s 50-day moving average price is $194.29 and its 200-day moving average price is $180.10. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $207.32. The firm has a market capitalization of $358.55 billion, a P/E ratio of 70.48, a PEG ratio of 2.54 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.95 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.23%. AbbVie’s dividend 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.