MAI Capital Management Sells 14,772 Shares of AbbVie Inc. (NYSE:ABBV)

MAI Capital Management decreased its position in AbbVie Inc. (NYSE:ABBV) by 4.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 358,313 shares of the company’s stock after selling 14,772 shares during the quarter. MAI Capital Management’s holdings in AbbVie were worth $70,760,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. purchased a new stake in AbbVie in the 1st quarter worth approximately $646,000. Quent Capital LLC raised its holdings in shares of AbbVie by 3.3% during the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares during the last quarter. PAX Financial Group LLC purchased a new position in shares of AbbVie in the 1st quarter worth $217,000. Seven Eight Capital LP purchased a new position in AbbVie in the first quarter worth about $576,000. Finally, PYA Waltman Capital LLC boosted its holdings in shares of AbbVie by 1.8% in the first quarter. PYA Waltman Capital LLC now owns 16,088 shares of the company’s stock worth $2,930,000 after buying an additional 282 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ABBV. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Citigroup dropped their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Barclays raised their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Wolfe Research assumed coverage on AbbVie in a research note on Friday. They issued an “outperform” rating and a $205.00 price objective on the stock. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

AbbVie Trading Down 2.7 %

Shares of AbbVie stock opened at $164.99 on Monday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. AbbVie Inc. has a 1 year low of $137.05 and a 1 year high of $207.32. The business has a 50 day moving average price of $192.04 and a 200 day moving average price of $181.04. The company has a market capitalization of $291.56 billion, a P/E ratio of 57.29, a P/E/G ratio of 2.01 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 EPS. Sell-side analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.98%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

About AbbVie

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.