Foundry Partners LLC Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

Foundry Partners LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 103,782 shares of the company’s stock after selling 698 shares during the quarter. AbbVie accounts for 1.0% of Foundry Partners LLC’s investment portfolio, making the stock its 23rd biggest holding. Foundry Partners LLC’s holdings in AbbVie were worth $20,495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of ABBV. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of AbbVie by 19.0% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 878,900 shares of the company’s stock worth $173,565,000 after acquiring an additional 140,368 shares during the period. Cornerstone Advisors LLC increased its position in AbbVie by 1.9% during the 3rd quarter. Cornerstone Advisors LLC now owns 81,600 shares of the company’s stock worth $16,114,000 after purchasing an additional 1,500 shares during the period. Citizens Financial Group Inc. RI raised its stake in shares of AbbVie by 4.3% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 99,228 shares of the company’s stock worth $19,596,000 after buying an additional 4,074 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of AbbVie by 12.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 9,699 shares of the company’s stock valued at $1,915,000 after buying an additional 1,037 shares during the period. Finally, Altman Advisors Inc. grew its holdings in AbbVie by 31.0% during the third quarter. Altman Advisors Inc. now owns 14,892 shares of the company’s stock worth $2,941,000 after acquiring an additional 3,523 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research analyst reports. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective for the company. Guggenheim upped their target price on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Citigroup cut their price target on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. lowered their price objective 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. Three research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $203.37.

AbbVie Stock Up 0.7 %

ABBV opened at $167.74 on Thursday. The company has a market cap of $296.42 billion, a PE ratio of 58.24, a price-to-earnings-growth ratio of 2.01 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a 1 year low of $137.65 and a 1 year high of $207.32. The firm has a 50 day moving average price of $190.25 and a 200 day moving average price of $181.01.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 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 business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.95 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.91%. AbbVie’s payout ratio is 215.28%.

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.