Spectrum Asset Management Inc. NB CA Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Spectrum Asset Management Inc. NB CA lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,069 shares of the company’s stock after selling 101 shares during the period. AbbVie comprises 1.8% of Spectrum Asset Management Inc. NB CA’s investment portfolio, making the stock its 17th biggest holding. Spectrum Asset Management Inc. NB CA’s holdings in AbbVie were worth $4,358,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ABBV. Sovereign Financial Group Inc. raised its stake in shares of AbbVie by 18.6% in the 1st quarter. Sovereign Financial Group Inc. now owns 3,212 shares of the company’s stock valued at $585,000 after purchasing an additional 503 shares in the last quarter. Revolve Wealth Partners LLC grew its position in AbbVie by 10.1% in the 1st quarter. Revolve Wealth Partners LLC now owns 3,083 shares of the company’s stock worth $561,000 after purchasing an additional 282 shares during the last quarter. DGS Capital Management LLC lifted its stake in AbbVie by 33.0% during the first quarter. DGS Capital Management LLC now owns 3,279 shares of the company’s stock worth $597,000 after purchasing an additional 814 shares during the period. Wealthcare Advisory Partners LLC raised its position in AbbVie by 23.6% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 42,837 shares of the company’s stock valued at $7,801,000 after purchasing an additional 8,184 shares during the last quarter. Finally, Signet Financial Management LLC boosted its position in shares of AbbVie by 0.3% in the 1st quarter. Signet Financial Management LLC now owns 42,664 shares of the company’s stock worth $7,769,000 after purchasing an additional 128 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.5 %

ABBV opened at $187.87 on Thursday. The stock has a market capitalization of $331.75 billion, a price-to-earnings ratio of 55.75, a PEG ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a fifty day moving average of $194.22 and a two-hundred day moving average of $178.08.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.91 earnings per share. On average, research analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ABBV. Morgan Stanley increased their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Wells Fargo & Company upped their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Truist Financial boosted their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Bank of America raised their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, BMO Capital Markets boosted their target price on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.47.

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.