Cheviot Value Management LLC cut its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 3.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,094 shares of the company’s stock after selling 1,173 shares during the period. AbbVie makes up approximately 1.1% of Cheviot Value Management LLC’s holdings, making the stock its 24th biggest position. Cheviot Value Management LLC’s holdings in AbbVie were worth $5,943,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Fairway Wealth LLC acquired a new position in shares of AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at $27,000. RPg Family Wealth Advisory LLC bought a new position in shares of AbbVie during the 3rd quarter worth about $28,000. Quest Partners LLC boosted its position in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares in the last quarter. Finally, Marquette Asset Management LLC bought a new stake in AbbVie in the third quarter valued at about $39,000. Institutional investors own 70.23% of the company’s stock.
Wall Street Analyst Weigh In
ABBV has been the topic of several analyst reports. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their price objective on AbbVie to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. UBS Group boosted their target price on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Morgan Stanley dropped their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.50.
AbbVie Stock Down 0.1 %
NYSE ABBV opened at $182.93 on Monday. 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 52 week low of $138.01 and a 52 week high of $207.32. The stock has a market capitalization of $323.26 billion, a P/E ratio of 63.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.63. The stock has a fifty day moving average of $188.23 and a 200-day moving average of $182.02.
AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’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 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 10.95 EPS for the current year.
AbbVie Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.59%. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.
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.
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