Colonial River Investments LLC Sells 698 Shares of AbbVie Inc. (NYSE:ABBV)

Colonial River Investments LLC lowered its stake in AbbVie Inc. (NYSE:ABBV) by 7.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,098 shares of the company’s stock after selling 698 shares during the period. Colonial River Investments LLC’s holdings in AbbVie were worth $1,599,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Fairway Wealth LLC purchased a new position in AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the second quarter worth approximately $27,000. Quest Partners LLC increased its stake in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the period. Marquette Asset Management LLC bought a new stake in AbbVie during the 3rd quarter valued at $39,000. Finally, Burkett Financial Services LLC raised its holdings in AbbVie by 61.2% during the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after buying an additional 82 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABBV. Barclays boosted their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Morgan Stanley increased their price objective on AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $205.82.

AbbVie Trading Down 0.5 %

NYSE:ABBV opened at $199.50 on Friday. AbbVie Inc. has a one year low of $135.85 and a one year high of $207.32. The company’s 50-day simple moving average is $194.58 and its 200 day simple moving average is $180.61. The firm has a market capitalization of $352.54 billion, a P/E ratio of 69.27, a PEG ratio of 2.46 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last posted 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. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.95 EPS. As a group, analysts forecast that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.29%. AbbVie’s payout ratio is presently 215.28%.

AbbVie 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.