PNC Financial Services Group Inc. lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 2.0% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,813,125 shares of the company’s stock after selling 95,751 shares during the quarter. PNC Financial Services Group Inc.’s holdings in AbbVie were worth $648,472,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Kalos Management Inc. purchased a new stake in shares of AbbVie in the first quarter worth $26,000. Miller Wealth Advisors LLC increased its stake in AbbVie by 140.0% in the 2nd quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock worth $32,000 after buying an additional 140 shares in the last quarter. Sanctuary Wealth Management L.L.C. bought a new stake in AbbVie during the second quarter valued at about $39,000. True Wealth Design LLC purchased a new position in shares of AbbVie in the fourth quarter valued at about $39,000. Finally, PrairieView Partners LLC boosted its stake in shares of AbbVie by 346.7% in the second quarter. PrairieView Partners LLC now owns 335 shares of the company’s stock worth $45,000 after acquiring an additional 260 shares during the period. Hedge funds and other institutional investors own 67.86% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently commented on ABBV. Morgan Stanley boosted their price target on AbbVie from $193.00 to $196.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Piper Sandler raised their price target on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Piper Sandler Companies increased their target price on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Finally, StockNews.com assumed coverage on shares of AbbVie in a report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.69.
AbbVie Trading Down 0.0 %
Shares of ABBV traded down $0.05 during trading hours on Tuesday, reaching $138.26. 378,678 shares of the company traded hands, compared to its average volume of 5,501,142. The firm has a market cap of $244.10 billion, a price-to-earnings ratio of 37.89, a PEG ratio of 2.45 and a beta of 0.51. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The stock’s fifty day moving average price is $146.37 and its 200 day moving average price is $143.88. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 4.59.
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Friday, October 27th. The company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.86 by $0.09. The company had revenue of $13.93 billion during the quarter, compared to analysts’ expectations of $13.72 billion. AbbVie had a net margin of 11.81% and a return on equity of 152.70%. The firm’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the company earned $3.66 EPS. Sell-side analysts forecast that AbbVie Inc. will post 11.24 earnings per share for the current year.
AbbVie Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, January 12th. This is a positive change from AbbVie’s previous quarterly dividend of $1.48. This represents a $6.20 dividend on an annualized basis and a yield of 4.48%. AbbVie’s payout ratio is 169.86%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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