Chartwell Investment Partners LLC Has $23.01 Million Position in AbbVie Inc. (NYSE:ABBV)

Chartwell Investment Partners LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 7.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 116,490 shares of the company’s stock after selling 9,238 shares during the period. AbbVie comprises approximately 0.8% of Chartwell Investment Partners LLC’s holdings, making the stock its 16th largest holding. Chartwell Investment Partners LLC’s holdings in AbbVie were worth $23,005,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ABBV. Fairway Wealth LLC bought a new position in shares of AbbVie in the 2nd quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the second quarter worth about $27,000. Marquette Asset Management LLC acquired a new position in AbbVie during the third quarter worth approximately $39,000. Quest Partners LLC boosted its stake in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the period. Finally, Burkett Financial Services LLC increased its holdings in shares of AbbVie by 61.2% during the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after acquiring an additional 82 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of AbbVie stock opened at $199.50 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.71 and a debt-to-equity ratio of 9.64. The company has a market cap of $352.54 billion, a PE ratio of 69.27, a price-to-earnings-growth ratio of 2.46 and a beta of 0.63. The company has a 50 day moving average of $194.58 and a 200-day moving average of $180.69. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the business posted $2.95 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.29%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is 215.28%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ABBV shares. Piper Sandler raised their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Sanford C. Bernstein assumed coverage on shares of AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Bank of America lifted their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $205.82.

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.