Marks Group Wealth Management Inc Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Marks Group Wealth Management Inc decreased its position in AbbVie Inc. (NYSE:ABBV) by 3.7% in the third quarter, HoldingsChannel.com reports. The fund owned 2,069 shares of the company’s stock after selling 79 shares during the period. Marks Group Wealth Management Inc’s holdings in AbbVie were worth $409,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. Pine Haven Investment Counsel Inc raised its position in AbbVie by 0.3% during the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after buying an additional 52 shares during the last quarter. Frisch Financial Group Inc. raised its holdings in shares of AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after purchasing an additional 53 shares during the last quarter. First Citizens Financial Corp raised its holdings in shares of AbbVie by 0.9% during the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after purchasing an additional 53 shares during the last quarter. Sunflower Bank N.A. lifted its position in AbbVie by 0.4% during the third quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after purchasing an additional 53 shares during the period. Finally, Professional Financial Advisors LLC boosted its holdings in AbbVie by 3.4% in the third quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock valued at $323,000 after purchasing an additional 54 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the subject of several analyst reports. Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Citigroup upped their price objective on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Piper Sandler raised their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Morgan Stanley boosted their target price on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Wells Fargo & Company raised their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.72.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $201.20 on Thursday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $207.32. The firm has a market capitalization of $355.39 billion, a PE ratio of 69.86, a P/E/G ratio of 2.54 and a beta of 0.63. The business’s 50 day moving average price is $194.41 and its 200-day moving average price is $180.25.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the firm posted $2.95 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 215.28%.

AbbVie Company 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.