Westbourne Investment Advisors Inc. Sells 150 Shares of AbbVie Inc. (NYSE:ABBV)

Westbourne Investment Advisors Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,350 shares of the company’s stock after selling 150 shares during the period. Westbourne Investment Advisors Inc.’s holdings in AbbVie were worth $1,451,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ABBV. First Hawaiian Bank grew its position in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after acquiring an additional 2,657 shares during the last quarter. PGGM Investments boosted its position in AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after buying an additional 24,756 shares during the period. Foresight Capital Management Advisors Inc. bought a new position in shares of AbbVie during the second quarter valued at about $1,349,000. Sumitomo Life Insurance Co. increased its holdings in shares of AbbVie by 29.6% in the third quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock worth $5,333,000 after buying an additional 6,161 shares during the period. Finally, Baron Silver Stevens Financial Advisors LLC lifted its stake in shares of AbbVie by 33.1% in the 1st quarter. Baron Silver Stevens Financial Advisors LLC now owns 2,535 shares of the company’s stock valued at $462,000 after acquiring an additional 631 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

AbbVie Stock Down 0.2 %

Shares of ABBV traded down $0.32 during mid-day trading on Friday, reaching $203.55. The company had a trading volume of 4,493,880 shares, compared to its average volume of 5,329,237. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market capitalization of $359.54 billion, a price-to-earnings ratio of 70.68, a price-to-earnings-growth ratio of 2.76 and a beta of 0.63. The firm has a 50-day moving average price of $194.12 and a 200 day moving average price of $179.49. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last issued its 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. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $2.95 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 10.9 EPS for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.22%. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent research reports. Bank of America raised their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Truist Financial upped 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. UBS Group boosted their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays increased their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $201.00.

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.