Martingale Asset Management L P Decreases Position in AbbVie Inc. (NYSE:ABBV)

Martingale Asset Management L P lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 18.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 159,728 shares of the company’s stock after selling 35,846 shares during the quarter. Martingale Asset Management L P’s holdings in AbbVie were worth $31,543,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ABBV. International Assets Investment Management LLC raised its position in AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after purchasing an additional 4,471,806 shares during the period. Assenagon Asset Management S.A. grew its holdings in AbbVie by 314.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,315,000 shares of the company’s stock worth $225,549,000 after acquiring an additional 997,441 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in AbbVie by 7.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock worth $1,516,358,000 after acquiring an additional 623,569 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in AbbVie by 6.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after acquiring an additional 582,953 shares during the last quarter. Finally, Saturna Capital Corp grew its holdings in AbbVie by 486.1% in the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock worth $133,531,000 after acquiring an additional 560,808 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.1 %

ABBV opened at $183.08 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The firm has a 50 day moving average price of $188.44 and a 200-day moving average price of $181.60. AbbVie Inc. has a twelve month low of $137.65 and a twelve month high of $207.32. The stock has a market capitalization of $323.53 billion, a price-to-earnings ratio of 63.57, a PEG ratio of 2.02 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.95 earnings per share. Equities research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company 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 is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABBV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. JPMorgan Chase & Co. cut their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Guggenheim lifted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, TD Cowen lifted their price target 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. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $203.50.

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.