Independent Advisor Alliance Sells 660 Shares of AbbVie Inc. (NYSE:ABBV)

Independent Advisor Alliance reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,337 shares of the company’s stock after selling 660 shares during the quarter. AbbVie comprises approximately 0.8% of Independent Advisor Alliance’s holdings, making the stock its 21st largest position. Independent Advisor Alliance’s holdings in AbbVie were worth $22,974,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ABBV. Fairway Wealth LLC bought a new stake in AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the second quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie during the third quarter valued at approximately $39,000. Mizuho Securities Co. Ltd. lifted its stake in shares of AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after purchasing an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of AbbVie in the 3rd quarter valued at approximately $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 3.0 %

NYSE:ABBV opened at $176.95 on Monday. The firm has a 50-day simple moving average of $189.47 and a 200-day simple moving average of $181.32. AbbVie Inc. has a one year low of $137.65 and a one year high of $207.32. The firm has a market cap of $312.70 billion, a P/E ratio of 61.44, a P/E/G ratio of 2.09 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.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company 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%. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.95 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Sanford C. Bernstein began coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target on the stock. Barclays raised their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Citigroup dropped their price target on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Bank of America increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $203.50.

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.