FLC Capital Advisors Lowers Position in AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

FLC Capital Advisors lowered its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 16.5% during the third quarter, HoldingsChannel.com reports. The firm owned 4,772 shares of the company’s stock after selling 945 shares during the period. FLC Capital Advisors’ holdings in AbbVie were worth $942,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth about $26,000. Ridgewood Investments LLC acquired a new stake in shares of AbbVie in the second quarter worth $27,000. Marquette Asset Management LLC purchased a new position in shares of AbbVie in the 3rd quarter valued at $39,000. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the 1st quarter valued at $37,000. Finally, Quest Partners LLC boosted its position in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ABBV. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. BMO Capital Markets upped their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. TD Cowen lifted their price target 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. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Finally, Truist Financial lifted 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. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.00.

View Our Latest Report on AbbVie

AbbVie Price Performance

ABBV opened at $190.46 on Thursday. The firm has a market cap of $336.33 billion, a price-to-earnings ratio of 56.52, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company’s 50-day moving average price is $194.50 and its 200 day moving average price is $177.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data 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 business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the firm posted $2.91 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.26%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

AbbVie Profile

(Free Report)

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.

See Also

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