AbbVie Inc. (NYSE:ABBV) is Lynch & Associates IN’s 7th Largest Position

Lynch & Associates IN lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% in the third quarter, HoldingsChannel.com reports. The firm owned 73,479 shares of the company’s stock after selling 267 shares during the quarter. AbbVie comprises approximately 3.1% of Lynch & Associates IN’s holdings, making the stock its 7th largest holding. Lynch & Associates IN’s holdings in AbbVie were worth $14,511,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter valued at approximately $27,000. IFS Advisors LLC purchased a new stake in shares of AbbVie during the first quarter valued at approximately $36,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the third quarter valued at approximately $39,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the first quarter worth $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research analyst reports. BMO Capital Markets raised their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. TD Cowen raised their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Truist Financial raised their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $198.00.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $191.86 on Wednesday. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business has a fifty day moving average price of $194.44 and a 200-day moving average price of $177.54. The company 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 (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the firm posted $2.91 earnings per share. AbbVie’s revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by insiders.

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.