Sonata Capital Group Inc. Sells 420 Shares of AbbVie Inc. (NYSE:ABBV)

Sonata Capital Group Inc. trimmed its position in AbbVie Inc. (NYSE:ABBV) by 18.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,824 shares of the company’s stock after selling 420 shares during the quarter. Sonata Capital Group Inc.’s holdings in AbbVie were worth $360,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. First Hawaiian Bank increased its position in AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares in the last quarter. PGGM Investments lifted its stake in shares of AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after acquiring an additional 24,756 shares during the last quarter. Foresight Capital Management Advisors Inc. bought a new position in shares of AbbVie in the 2nd quarter valued at $1,349,000. Sumitomo Life Insurance Co. boosted its holdings in shares of AbbVie by 29.6% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock valued at $5,333,000 after acquiring an additional 6,161 shares in the last quarter. Finally, Ullmann Wealth Partners Group LLC grew its position in AbbVie by 109.1% during the 3rd quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock worth $1,249,000 after acquiring an additional 3,301 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Up 0.5 %

Shares of NYSE:ABBV traded up $0.92 during mid-day trading on Friday, hitting $201.43. The company had a trading volume of 526,273 shares, compared to its average volume of 5,302,833. 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 one year low of $135.85 and a one year high of $207.32. The firm has a fifty day moving average price of $194.41 and a 200 day moving average price of $180.25. The company has a market capitalization of $355.79 billion, a PE ratio of 69.60, a price-to-earnings-growth ratio of 2.51 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating 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 net margin of 9.22% and a return on equity of 226.99%. The business’s 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 earnings per share. As a group, research analysts forecast that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.26%. 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 215.28%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ABBV shares. Wells Fargo & Company lifted 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. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. 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 research note on Friday, October 18th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Citigroup increased their price objective on AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Four investment 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $202.72.

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.