AbbVie Inc. $ABBV Stock: Philadelphia Trust Co. Reduces Holdings

Philadelphia Trust Co. trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,899 shares of the company’s stock after selling 11,755 shares during the period. AbbVie makes up about 2.4% of Philadelphia Trust Co.’s holdings, making the stock its 11th largest holding. Philadelphia Trust Co.’s holdings in AbbVie were worth $36,335,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. Verus Financial Partners Inc. raised its holdings in shares of AbbVie by 1.7% in the 3rd quarter. Verus Financial Partners Inc. now owns 2,048 shares of the company’s stock valued at $536,000 after buying an additional 35 shares during the period. Evergreen Private Wealth LLC lifted its stake in AbbVie by 3.3% during the 3rd quarter. Evergreen Private Wealth LLC now owns 1,090 shares of the company’s stock worth $285,000 after acquiring an additional 35 shares in the last quarter. Lifelong Wealth Advisors Inc. boosted its holdings in AbbVie by 2.1% during the 3rd quarter. Lifelong Wealth Advisors Inc. now owns 1,755 shares of the company’s stock valued at $459,000 after acquiring an additional 36 shares during the period. IMG Wealth Management Inc. boosted its holdings in AbbVie by 22.8% during the 3rd quarter. IMG Wealth Management Inc. now owns 194 shares of the company’s stock valued at $51,000 after acquiring an additional 36 shares during the period. Finally, Foundry Financial Group Inc. boosted its holdings in AbbVie by 4.6% during the 3rd quarter. Foundry Financial Group Inc. now owns 839 shares of the company’s stock valued at $219,000 after acquiring an additional 37 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Up 0.2%

NYSE:ABBV opened at $293.88 on Wednesday. AbbVie Inc. has a 12-month low of $190.75 and a 12-month high of $302.93. The firm has a market cap of $519.46 billion, a PE ratio of 50.58, a price-to-earnings-growth ratio of 1.33 and a beta of 0.20. The stock has a fifty day moving average price of $273.45 and a 200 day moving average price of $239.80.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion for the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. AbbVie’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.86 EPS. Equities analysts forecast that AbbVie Inc. will post 13.98 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be given a dividend of $1.82 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, January 15th. AbbVie’s dividend payout ratio is presently 125.30%.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the sale, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. This represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent research reports. BMO Capital Markets set a $315.00 price target on shares of AbbVie in a research note on Wednesday, November 4th. HSBC raised their price objective on shares of AbbVie from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, September 10th. Bank of America reissued a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. UBS Group lifted their price objective on shares of AbbVie from $275.00 to $295.00 and gave the company a “neutral” rating in a report on Monday, November 2nd. Finally, Rothschild & Co Redburn upped their target price on shares of AbbVie from $284.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.46.

About AbbVie

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas. Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.