Independent Advisor Alliance Decreases Position in AbbVie Inc. (NYSE:ABBV)

Independent Advisor Alliance trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,337 shares of the company’s stock after selling 660 shares during the quarter. AbbVie accounts for about 0.8% of Independent Advisor Alliance’s portfolio, making the stock its 21st largest position. Independent Advisor Alliance’s holdings in AbbVie were worth $22,974,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter valued at $27,000. Quest Partners LLC grew its position in 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 purchasing an additional 207 shares during the period. Marquette Asset Management LLC purchased a new position in shares of AbbVie during the 3rd quarter valued at about $39,000. Finally, Mizuho Securities Co. Ltd. lifted its holdings 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 buying an additional 100 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ABBV. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Sanford C. Bernstein started coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Morgan Stanley cut their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Finally, Truist Financial increased their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $203.50.

AbbVie Price Performance

Shares of ABBV opened at $176.95 on Monday. The company has a market cap of $312.70 billion, a P/E ratio of 61.44, a PEG ratio of 2.09 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a fifty-two week low of $137.65 and a fifty-two week high of $207.32. The firm’s 50 day moving average price is $189.47 and its 200 day moving average price is $181.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the company earned $2.95 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.71%. 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. 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.