WealthPLAN Partners LLC Sells 7,200 Shares of AbbVie Inc. (NYSE:ABBV)

WealthPLAN Partners LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 17.3% during the third quarter, HoldingsChannel reports. The firm owned 34,423 shares of the company’s stock after selling 7,200 shares during the period. AbbVie comprises 0.9% of WealthPLAN Partners LLC’s investment portfolio, making the stock its 25th biggest position. WealthPLAN Partners LLC’s holdings in AbbVie were worth $6,798,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. First Hawaiian Bank lifted its stake in shares of AbbVie by 9.0% in the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares during the period. PGGM Investments lifted its position in shares of AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares during the period. Venturi Wealth Management LLC increased its position in shares of AbbVie by 8.3% during the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company’s stock valued at $15,377,000 after purchasing an additional 5,993 shares during the period. Foresight Capital Management Advisors Inc. acquired a new position in shares of AbbVie in the second quarter valued at $1,349,000. Finally, Sumitomo Life Insurance Co. lifted its position in AbbVie by 29.6% in the third quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock worth $5,333,000 after purchasing an additional 6,161 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 12.6 %

Shares of ABBV opened at $174.44 on Tuesday. The firm has a market capitalization of $308.26 billion, a price-to-earnings ratio of 60.57, a PEG ratio of 2.44 and a beta of 0.63. AbbVie Inc. has a 52 week low of $136.30 and a 52 week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.71 and a current ratio of 0.65. The business’s fifty day moving average price is $194.58 and its two-hundred day moving average price is $180.78.

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 net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the company posted $2.95 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.76%. AbbVie’s payout ratio is presently 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent research reports. Barclays increased their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. UBS Group raised their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Sanford C. Bernstein started coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Bank of America increased their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $205.82.

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.