Palisades Hudson Asset Management L.P. Sells 397 Shares of AbbVie Inc. (NYSE:ABBV)

Palisades Hudson Asset Management L.P. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 9.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,746 shares of the company’s stock after selling 397 shares during the period. Palisades Hudson Asset Management L.P.’s holdings in AbbVie were worth $740,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after buying an additional 9,978,415 shares during the last quarter. Capital International Investors increased its position in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the last quarter. Capital Research Global Investors raised its stake in AbbVie by 3.3% during the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after purchasing an additional 992,496 shares in the last quarter. Legal & General Group Plc lifted its position in AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after purchasing an additional 134,239 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of AbbVie by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock worth $1,984,490,000 after buying an additional 1,240,434 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.2 %

NYSE ABBV traded down $0.37 on Monday, reaching $203.18. 337,441 shares of the company were exchanged, compared to its average volume of 5,305,963. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32. The stock has a market capitalization of $358.88 billion, a P/E ratio of 70.68, a price-to-earnings-growth ratio of 2.78 and a beta of 0.63. The business’s fifty day moving average price is $194.12 and its 200 day moving average price is $179.60. 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 posted its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the prior year, the company posted $2.95 earnings per share. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Analyst Ratings Changes

A number of research analysts have weighed in on ABBV shares. TD Cowen boosted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Truist Financial raised their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $201.00.

AbbVie Company 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.