Klingenstein Fields & Co. LP Sells 164 Shares of AbbVie Inc. (NYSE:ABBV)

Klingenstein Fields & Co. LP cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 11,850 shares of the company’s stock after selling 164 shares during the period. Klingenstein Fields & Co. LP’s holdings in AbbVie were worth $2,340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. China Universal Asset Management Co. Ltd. purchased a new stake in AbbVie during the first quarter valued at approximately $646,000. Quent Capital LLC raised its position in 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 period. FinTrust Capital Advisors LLC raised its position in AbbVie by 1.9% during the first quarter. FinTrust Capital Advisors LLC now owns 11,764 shares of the company’s stock valued at $2,142,000 after purchasing an additional 225 shares during the period. Baron Silver Stevens Financial Advisors LLC raised its position in AbbVie by 33.1% during the first quarter. Baron Silver Stevens Financial Advisors LLC now owns 2,535 shares of the company’s stock valued at $462,000 after purchasing an additional 631 shares during the period. Finally, Magnolia Capital Advisors LLC raised its position in AbbVie by 41.8% during the first quarter. Magnolia Capital Advisors LLC now owns 4,885 shares of the company’s stock valued at $813,000 after purchasing an additional 1,441 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Up 0.6 %

ABBV opened at $204.73 on Monday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company has a market capitalization of $361.62 billion, a P/E ratio of 70.68, a PEG ratio of 2.78 and a beta of 0.63. The stock’s fifty day moving average is $194.12 and its two-hundred day moving average is $179.60. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.95 EPS. Analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.20%. 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

ABBV has been the topic of a number of recent research reports. Truist Financial upped their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. UBS Group increased their price target on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday. TD Cowen increased their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $201.00.

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.