PNC Financial Services Group Inc. Has $856.80 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

PNC Financial Services Group Inc. decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,338,647 shares of the company’s stock after selling 16,836 shares during the period. PNC Financial Services Group Inc.’s holdings in AbbVie were worth $856,796,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ABBV. Fairway Wealth LLC acquired a new position in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the 2nd quarter valued at about $27,000. Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the period. Marquette Asset Management LLC bought a new position in AbbVie during the 3rd quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. boosted its stake in AbbVie by 100.0% during the 3rd 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 last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ABBV shares. BMO Capital Markets cut their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. UBS Group raised their price target on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Bank of America lifted 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. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Trading Up 0.8 %

Shares of NYSE:ABBV opened at $166.26 on Tuesday. The company’s 50-day moving average price is $191.44 and its two-hundred day moving average price is $181.08. AbbVie Inc. has a one year low of $137.14 and a one year high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The stock has a market capitalization of $293.80 billion, a PE ratio of 57.73, a price-to-earnings-growth ratio of 2.01 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the previous year, the business earned $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 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.