Pitcairn Co. Has $7.16 Million Position in AbbVie Inc. (NYSE:ABBV)

Pitcairn Co. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 5.9% in the third quarter, HoldingsChannel.com reports. The firm owned 36,272 shares of the company’s stock after selling 2,282 shares during the quarter. Pitcairn Co.’s holdings in AbbVie were worth $7,163,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc grew its holdings in AbbVie by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after acquiring an additional 134,239 shares during the period. Janus Henderson Group PLC grew its holdings in AbbVie by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock worth $1,984,490,000 after acquiring an additional 1,240,434 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in AbbVie by 4.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock worth $1,842,642,000 after acquiring an additional 373,802 shares during the period. Dimensional Fund Advisors LP grew its holdings in AbbVie by 7.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock worth $1,516,358,000 after acquiring an additional 623,569 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in AbbVie by 8.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 5,051,598 shares of the company’s stock worth $866,450,000 after acquiring an additional 381,871 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Up 3.0 %

ABBV opened at $176.94 on Friday. The stock has a market capitalization of $312.68 billion, a P/E ratio of 61.44, a P/E/G ratio of 2.09 and a beta of 0.63. AbbVie Inc. has a 12 month low of $137.65 and a 12 month high of $207.32. The firm’s fifty day simple moving average is $189.47 and its 200 day simple moving average is $181.04. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the previous year, the firm posted $2.95 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared 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 of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.71%. AbbVie’s payout ratio is 215.28%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABBV shares. Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Citigroup reduced their price target 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. Morgan Stanley reduced their price target on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 12th. Guggenheim lifted their price target on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Wolfe Research initiated coverage on shares of AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $203.50.

About AbbVie

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.