Sweet Financial Partners LLC Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

Sweet Financial Partners LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 17,781 shares of the company’s stock after selling 467 shares during the period. AbbVie comprises about 0.8% of Sweet Financial Partners LLC’s holdings, making the stock its 23rd biggest position. Sweet Financial Partners LLC’s holdings in AbbVie were worth $3,511,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter valued at $27,000. Quest Partners LLC boosted its holdings in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new stake in AbbVie during the 1st quarter worth about $37,000. Finally, Marquette Asset Management LLC acquired a new position in shares of AbbVie in the 3rd quarter valued at about $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

NYSE:ABBV opened at $188.57 on Friday. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The stock has a market cap of $332.99 billion, a PE ratio of 55.96, a P/E/G ratio of 2.66 and a beta of 0.63. The stock has a 50 day moving average price of $194.46 and a 200 day moving average price of $177.70. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the company earned $2.91 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities research analysts expect that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

Several analysts recently commented on ABBV shares. Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $198.69.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.25% of the company’s stock.

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.