AbbVie Inc. (NYSE:ABBV) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in AbbVie Inc. (NYSE:ABBV) by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,269,854 shares of the company’s stock after selling 29,310 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.13% of AbbVie worth $448,251,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Capital Square LLC acquired a new stake in shares of AbbVie during the third quarter valued at $235,000. Associated Banc Corp boosted its stake in shares of AbbVie by 8.9% during the 3rd quarter. Associated Banc Corp now owns 39,423 shares of the company’s stock worth $7,785,000 after purchasing an additional 3,228 shares during the last quarter. Private Trust Co. NA grew its holdings in shares of AbbVie by 1.6% during the third quarter. Private Trust Co. NA now owns 35,722 shares of the company’s stock worth $7,054,000 after buying an additional 559 shares in the last quarter. Horizon Kinetics Asset Management LLC lifted its stake in shares of AbbVie by 7.1% during the third quarter. Horizon Kinetics Asset Management LLC now owns 25,845 shares of the company’s stock valued at $5,104,000 after buying an additional 1,722 shares during the period. Finally, Truvestments Capital LLC boosted its position in AbbVie by 10.5% during the third quarter. Truvestments Capital LLC now owns 21,821 shares of the company’s stock worth $4,309,000 after acquiring an additional 2,082 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target on the stock. 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. Barclays upped their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. UBS Group raised their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie Trading Up 0.1 %

NYSE ABBV opened at $177.06 on Tuesday. The company’s fifty day simple moving average is $189.09 and its 200-day simple moving average is $181.44. The stock has a market cap of $312.89 billion, a P/E ratio of 61.48, a PEG ratio of 2.16 and a beta of 0.63. AbbVie Inc. has a 52 week low of $137.65 and a 52 week high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period last year, the firm earned $2.95 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. Equities research analysts predict 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 of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.70%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

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.