AbbVie Inc. (NYSE:ABBV) Shares Sold by SouthState Corp

SouthState Corp cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 74,353 shares of the company’s stock after selling 1,508 shares during the quarter. SouthState Corp’s holdings in AbbVie were worth $14,683,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in shares of AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after purchasing an additional 4,471,806 shares during the last quarter. Capital World Investors increased its position in shares of AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after purchasing an additional 3,120,310 shares during the last quarter. Capital International Investors increased its position in shares of AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after purchasing an additional 3,110,601 shares during the last quarter. Swedbank AB purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $367,372,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of AbbVie by 13.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,744,190 shares of the company’s stock valued at $1,956,518,000 after purchasing an additional 1,291,201 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Up 0.8 %

ABBV stock opened at $166.26 on Tuesday. AbbVie Inc. has a one year low of $137.14 and a one year high of $207.32. 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. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company has a fifty day moving average of $191.44 and a 200-day moving average of $181.08.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the business earned $2.95 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts expect that AbbVie Inc. will post 10.95 EPS 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. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.95%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent analyst reports. Citigroup dropped their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Sanford C. Bernstein started coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Guggenheim increased their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial increased their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $203.89.

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.