Raymond James Trust N.A. Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Raymond James Trust N.A. decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% during the third quarter, Holdings Channel.com reports. The fund owned 165,181 shares of the company’s stock after selling 3,012 shares during the period. Raymond James Trust N.A.’s holdings in AbbVie were worth $32,620,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC acquired a new position in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the second quarter valued at $27,000. Quest Partners LLC increased 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 purchased a new position in AbbVie in the 3rd quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. raised its stake in AbbVie by 100.0% in 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 Analysts Forecast Growth

A number of research analysts have recently weighed in on ABBV shares. Barclays increased their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Citigroup reduced their price target on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Sanford C. Bernstein started coverage on shares of AbbVie in a report 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 shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $203.50.

AbbVie Stock Performance

NYSE:ABBV opened at $172.18 on Friday. 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 stock has a market capitalization of $304.27 billion, a PE ratio of 59.78, a P/E/G ratio of 2.03 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $137.65 and a fifty-two week high of $207.32. The company has a fifty day moving average of $189.81 and a two-hundred day moving average of $180.95.

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

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.81%. AbbVie’s dividend payout ratio is presently 215.28%.

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.