Coastline Trust Co Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Coastline Trust Co lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 12.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 42,844 shares of the company’s stock after selling 6,036 shares during the period. AbbVie comprises approximately 1.0% of Coastline Trust Co’s holdings, making the stock its 23rd biggest holding. Coastline Trust Co’s holdings in AbbVie were worth $8,461,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fairway Wealth LLC acquired a new position in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the 2nd quarter valued at approximately $27,000. Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% during 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 in the last quarter. Marquette Asset Management LLC bought a new position in AbbVie during the third quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. boosted its holdings in AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Wells Fargo & Company raised their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Sanford C. Bernstein began coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. Bank of America raised their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, BMO Capital Markets cut their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $203.89.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $164.91 on Friday. AbbVie Inc. has a 1 year low of $137.05 and a 1 year high of $207.32. 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 fifty day moving average price of $192.04 and a two-hundred day moving average price of $180.78. The firm has a market cap of $291.42 billion, a P/E ratio of 57.26, a PEG ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its 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 net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the firm earned $2.95 EPS. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts forecast 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. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.98%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is currently 215.28%.

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.