AbbVie Inc. (NYSE:ABBV) is Crescent Sterling Ltd.’s 4th Largest Position

Crescent Sterling Ltd. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 3.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,522 shares of the company’s stock after selling 724 shares during the period. AbbVie accounts for 3.9% of Crescent Sterling Ltd.’s holdings, making the stock its 4th biggest position. Crescent Sterling Ltd.’s holdings in AbbVie were worth $4,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of AbbVie by 128.5% during the fourth quarter. Wellington Management Group LLP now owns 954,374 shares of the company’s stock worth $147,899,000 after purchasing an additional 536,730 shares during the last quarter. IFS Advisors LLC purchased a new position in shares of AbbVie during the first quarter worth $36,000. Madison Park Capital Advisors LLC purchased a new position in shares of AbbVie during the first quarter worth $215,000. Somerset Trust Co raised its holdings in shares of AbbVie by 8.5% during the first quarter. Somerset Trust Co now owns 1,943 shares of the company’s stock worth $354,000 after purchasing an additional 153 shares during the last quarter. Finally, Compass Wealth Management LLC raised its holdings in shares of AbbVie by 2.1% during the first quarter. Compass Wealth Management LLC now owns 28,624 shares of the company’s stock worth $5,212,000 after purchasing an additional 580 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Truist Financial raised their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays lifted their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. UBS Group lifted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company lifted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $198.00.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is owned by insiders.

AbbVie Stock Performance

ABBV opened at $191.86 on Wednesday. The firm has a market capitalization of $338.80 billion, a PE ratio of 56.93, a PEG ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The firm’s 50-day moving average price is $194.44 and its 200 day moving average price is $177.54. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the previous year, the firm earned $2.91 earnings per share. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.