Profund Advisors LLC Has $27.26 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Profund Advisors LLC lowered its stake in AbbVie Inc. (NYSE:ABBVGet Rating) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 203,104 shares of the company’s stock after selling 8,788 shares during the quarter. AbbVie makes up approximately 2.0% of Profund Advisors LLC’s investment portfolio, making the stock its 5th largest position. Profund Advisors LLC’s holdings in AbbVie were worth $27,259,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Bradley & Co. Private Wealth Management LLC increased its position in AbbVie by 80.6% during the 2nd quarter. Bradley & Co. Private Wealth Management LLC now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 79 shares in the last quarter. Activest Wealth Management acquired a new position in shares of AbbVie in the 3rd quarter valued at about $31,000. Heritage Wealth Management LLC bought a new stake in shares of AbbVie in the 2nd quarter valued at $37,000. Paragon Wealth Strategies LLC bought a new stake in AbbVie in the third quarter valued at $51,000. Finally, Goodman Advisory Group LLC acquired a new position in shares of AbbVie during the second quarter valued at about $53,000. 67.71% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 0.6 %

Shares of NYSE ABBV traded down $0.85 during mid-day trading on Wednesday, hitting $146.84. The stock had a trading volume of 1,307,832 shares, compared to its average volume of 5,997,571. The business has a 50 day moving average price of $159.47 and a two-hundred day moving average price of $149.22. AbbVie Inc. has a 1 year low of $132.83 and a 1 year high of $175.91. The firm has a market cap of $259.68 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 3.18 and a beta of 0.69. The company has a debt-to-equity ratio of 3.77, a quick ratio of 0.83 and a current ratio of 0.93.

AbbVie (NYSE:ABBVGet Rating) last released its earnings results on Friday, October 28th. The company reported $3.66 EPS for the quarter, topping the consensus estimate of $3.56 by $0.10. The business had revenue of $14.81 billion for the quarter, compared to the consensus estimate of $14.95 billion. AbbVie had a return on equity of 155.88% and a net margin of 23.19%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.33 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 13.89 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be given a dividend of $1.48 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.41. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date is Thursday, January 12th. AbbVie’s payout ratio is presently 79.04%.

Insider Activity at AbbVie

In other news, EVP Timothy J. Richmond sold 42,370 shares of the stock in a transaction on Monday, December 12th. The shares were sold at an average price of $163.44, for a total value of $6,924,952.80. Following the completion of the sale, the executive vice president now directly owns 13,837 shares of the company’s stock, valued at $2,261,519.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ABBV shares. Piper Sandler lifted their price objective on shares of AbbVie from $155.00 to $157.00 and gave the company an “overweight” rating in a report on Tuesday, January 17th. Barclays lowered their price objective on AbbVie from $160.00 to $155.00 and set an “equal weight” rating for the company in a research note on Monday, October 31st. SVB Leerink cut their target price on AbbVie from $140.00 to $135.00 and set an “underperform” rating on the stock in a research note on Friday, September 30th. Atlantic Securities lowered their target price on AbbVie from $162.00 to $157.00 and set a “neutral” rating on the stock in a research note on Monday, October 31st. Finally, initiated coverage on AbbVie in a research note on Wednesday, October 12th. They set a “strong-buy” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $160.56.

AbbVie Profile

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson’s, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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