King Wealth Management Group Cuts Position in AbbVie Inc. (NYSE:ABBV)

King Wealth Management Group lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 1.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,618 shares of the company’s stock after selling 151 shares during the quarter. King Wealth Management Group’s holdings in AbbVie were worth $1,504,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC acquired a new stake in shares of AbbVie in the 2nd quarter valued at approximately $27,000. Quest Partners LLC lifted its holdings in AbbVie by 4,140.0% in the second 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 acquired a new position in shares of AbbVie during the 3rd quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. lifted its stake in shares of AbbVie by 100.0% in the third 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 period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.4 %

Shares of ABBV stock opened at $169.63 on Friday. The firm’s fifty day moving average price is $193.08 and its two-hundred day moving average price is $180.84. AbbVie Inc. has a 1 year low of $136.30 and a 1 year high of $207.32. The firm has a market capitalization of $299.76 billion, a P/E ratio of 58.90, a PEG ratio of 2.07 and a beta of 0.63. 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 analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the business earned $2.95 earnings per share. AbbVie’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.87%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ABBV. BMO Capital Markets dropped their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday. Sanford C. Bernstein started coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Truist Financial boosted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Company 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.