Pin Oak Investment Advisors Inc. Cuts Position in AbbVie Inc. (NYSE:ABBV)

Pin Oak Investment Advisors Inc. reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,929 shares of the company’s stock after selling 220 shares during the period. Pin Oak Investment Advisors Inc.’s holdings in AbbVie were worth $578,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. Atlanta Consulting Group Advisors LLC acquired a new position in shares of AbbVie in the third quarter worth $999,000. Saturna Capital Corp lifted its holdings in AbbVie by 486.1% in the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after purchasing an additional 560,808 shares in the last quarter. First Hawaiian Bank boosted its stake in shares of AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares during the last quarter. PGGM Investments grew its holdings in shares of AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after buying an additional 24,756 shares in the last quarter. Finally, Avior Wealth Management LLC raised its position in shares of AbbVie by 23.5% in the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock valued at $11,169,000 after buying an additional 10,768 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ABBV. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. UBS Group increased their price objective on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $203.50.

AbbVie Stock Up 1.1 %

Shares of NYSE:ABBV opened at $183.09 on Thursday. The firm has a market cap of $323.55 billion, a PE ratio of 63.57, a price-to-earnings-growth ratio of 2.02 and a beta of 0.63. The company has a fifty day simple moving average of $188.65 and a 200 day simple moving average of $181.59. 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 Inc. has a 12-month low of $137.65 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.95 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 10.95 EPS 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 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 215.28%.

AbbVie 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.