AbbVie Inc. (NYSE:ABBV) Stake Decreased by Freedom Investment Management Inc.

Freedom Investment Management Inc. trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 5.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,214 shares of the company’s stock after selling 605 shares during the quarter. Freedom Investment Management Inc.’s holdings in AbbVie were worth $2,215,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GGM Financials LLC raised its holdings in shares of AbbVie by 0.7% in the 3rd quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock valued at $1,362,000 after purchasing an additional 50 shares during the period. Pine Haven Investment Counsel Inc increased its position in AbbVie by 0.3% during the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after buying an additional 52 shares during the last quarter. Dillon & Associates Inc. raised its stake in AbbVie by 0.8% in the third quarter. Dillon & Associates Inc. now owns 6,914 shares of the company’s stock valued at $1,362,000 after buying an additional 52 shares during the period. Frisch Financial Group Inc. lifted its position in shares of AbbVie by 0.8% in the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after buying an additional 53 shares during the last quarter. Finally, First Citizens Financial Corp boosted its stake in shares of AbbVie by 0.9% during the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after acquiring an additional 53 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Up 2.3 %

AbbVie stock opened at $181.16 on Wednesday. The firm has a market capitalization of $320.14 billion, a price-to-earnings ratio of 62.90, a price-to-earnings-growth ratio of 2.02 and a beta of 0.63. The firm’s fifty day moving average price is $188.85 and its two-hundred day moving average price is $181.58. AbbVie Inc. has a 1-year low of $137.65 and a 1-year high of $207.32. 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 (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 EPS. On average, equities research analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company 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. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Analysts Set New Price Targets

Several brokerages have issued reports on ABBV. Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Sanford C. Bernstein initiated coverage on shares of AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Guggenheim upped their price target 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. Finally, JPMorgan Chase & Co. cut their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $203.50.

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.