AbbVie Inc. (NYSE:ABBV) Stake Lessened by Rafferty Asset Management LLC

Rafferty Asset Management LLC lowered its holdings in AbbVie Inc. (NYSE:ABBVGet Rating) by 22.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,573 shares of the company’s stock after selling 20,343 shares during the period. Rafferty Asset Management LLC’s holdings in AbbVie were worth $10,656,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABBV. ICW Investment Advisors LLC boosted its stake in AbbVie by 0.3% during the first quarter. ICW Investment Advisors LLC now owns 23,418 shares of the company’s stock worth $3,796,000 after acquiring an additional 65 shares in the last quarter. Wealth Architects LLC lifted its stake in shares of AbbVie by 1.5% in the first quarter. Wealth Architects LLC now owns 4,511 shares of the company’s stock valued at $731,000 after buying an additional 67 shares in the last quarter. Nicolet Advisory Services LLC lifted its stake in shares of AbbVie by 1.4% in the first quarter. Nicolet Advisory Services LLC now owns 5,111 shares of the company’s stock valued at $894,000 after buying an additional 70 shares in the last quarter. JNBA Financial Advisors lifted its stake in shares of AbbVie by 0.7% in the second quarter. JNBA Financial Advisors now owns 10,204 shares of the company’s stock valued at $1,563,000 after buying an additional 71 shares in the last quarter. Finally, Capasso Planning Partners LLC lifted its stake in shares of AbbVie by 2.2% in the second quarter. Capasso Planning Partners LLC now owns 3,238 shares of the company’s stock valued at $496,000 after buying an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 68.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Argus dropped their price objective on shares of AbbVie from $165.00 to $155.00 and set a “buy” rating on the stock in a research note on Wednesday, August 24th. Piper Sandler dropped their price objective on shares of AbbVie from $160.00 to $155.00 in a research note on Friday, July 29th. Societe Generale lowered shares of AbbVie from a “buy” rating to a “hold” rating and dropped their price objective for the company from $155.00 to $140.00 in a research note on Tuesday, November 8th. Barclays dropped their price target on shares of AbbVie from $160.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Monday, October 31st. Finally, SVB Leerink dropped their price target on shares of AbbVie from $140.00 to $135.00 and set an “underperform” rating on the stock in a research report on Friday, September 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.32.

AbbVie Stock Performance

NYSE ABBV traded down $0.40 during trading hours on Thursday, reaching $159.39. 3,221,178 shares of the company were exchanged, compared to its average volume of 6,001,301. AbbVie Inc. has a 1 year low of $115.10 and a 1 year high of $175.91. The business’s 50 day simple moving average is $145.57 and its 200-day simple moving average is $145.75. The company has a quick ratio of 0.83, a current ratio of 0.93 and a debt-to-equity ratio of 3.77. The stock has a market capitalization of $281.88 billion, a P/E ratio of 21.28, a P/E/G ratio of 4.50 and a beta of 0.69.

AbbVie (NYSE:ABBVGet Rating) last posted its earnings results on Friday, October 28th. The company reported $3.66 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.09. The firm had revenue of $14.81 billion during the quarter, compared to the consensus estimate of $14.95 billion. AbbVie had a net margin of 23.19% and a return on equity of 155.88%. The company’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the company earned $3.33 earnings per share. On average, equities research analysts expect that AbbVie Inc. will post 14.01 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be paid a $1.48 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.41. The ex-dividend date of this dividend is Thursday, January 12th. This represents a $5.92 annualized dividend and a dividend yield of 3.71%. AbbVie’s dividend payout ratio (DPR) is presently 75.30%.

AbbVie Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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