New England Asset Management Inc. Cuts Position in AbbVie Inc. (NYSE:ABBV)

New England Asset Management Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,685 shares of the company’s stock after selling 110 shares during the period. New England Asset Management Inc.’s holdings in AbbVie were worth $4,875,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new position in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC acquired a new position in AbbVie in the 2nd quarter worth $27,000. Quest Partners LLC boosted its position in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the last quarter. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. raised its stake in shares of AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ABBV shares. Bank of America raised their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Barclays boosted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Guggenheim boosted 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. Truist Financial increased their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, TD Cowen boosted their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $203.89.

AbbVie Stock Up 0.8 %

NYSE:ABBV opened at $166.26 on Tuesday. The business’s fifty day moving average price is $191.44 and its 200 day moving average price is $181.08. The firm has a market capitalization of $293.80 billion, a price-to-earnings ratio of 57.73, a PEG ratio of 2.01 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 1-year low of $137.14 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business 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 revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.95 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 10.95 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. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. 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 3.95%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 215.28%.

AbbVie 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.