King Wealth Management Group Sells 151 Shares of AbbVie Inc. (NYSE:ABBV)

King Wealth Management Group reduced its stake in AbbVie Inc. (NYSE:ABBV) by 1.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,618 shares of the company’s stock after selling 151 shares during the quarter. King Wealth Management Group’s holdings in AbbVie were worth $1,504,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ABBV. Fairway Wealth LLC purchased a new position in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter worth $27,000. Marquette Asset Management LLC purchased a new position in shares of AbbVie in the third quarter valued at about $39,000. Mizuho Securities Co. Ltd. boosted its stake in shares of AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Finally, Quest Partners LLC grew its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on ABBV shares. Barclays upped their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Morgan Stanley decreased their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research report on Tuesday. Citigroup reduced their price objective on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday. Sanford C. Bernstein began coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Finally, UBS Group increased their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $203.89.

AbbVie Price Performance

Shares of ABBV opened at $169.63 on Friday. AbbVie Inc. has a fifty-two week low of $136.30 and a fifty-two week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company has a market capitalization of $299.76 billion, a P/E ratio of 58.90, a P/E/G ratio of 2.07 and a beta of 0.63. The business’s 50-day moving average is $193.08 and its two-hundred day moving average is $180.84.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company 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%. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.95 EPS. Research analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.87%. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is 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.