AbbVie Inc. (NYSE:ABBV) Shares Sold by Alerus Financial NA

Alerus Financial NA cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% in the 3rd quarter, Holdings Channel reports. The fund owned 47,465 shares of the company’s stock after selling 520 shares during the period. AbbVie accounts for about 0.7% of Alerus Financial NA’s investment portfolio, making the stock its 29th biggest position. Alerus Financial NA’s holdings in AbbVie were worth $9,373,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Fairway Wealth LLC acquired a new stake in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the 2nd quarter valued at approximately $27,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie during the third quarter worth approximately $28,000. Quest Partners LLC grew its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. Finally, Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter worth $39,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $182.93 on Friday. AbbVie Inc. has a 12-month low of $138.01 and a 12-month high of $207.32. The company has a market cap of $323.26 billion, a PE ratio of 63.52, a P/E/G ratio of 2.09 and a beta of 0.63. The stock has a 50 day simple moving average of $188.23 and a 200-day simple moving average of $181.89. 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 released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $14.28 billion. During the same quarter in the prior year, the business posted $2.95 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts forecast that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business 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 dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.59%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research analyst reports. Truist Financial increased their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. BMO Capital Markets reduced their price target on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Wolfe Research assumed coverage on AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective for 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 objective on the stock. Finally, Leerink Partners upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price for the company in a research report on Friday, November 22nd. Three investment 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $203.50.

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.