Stockman Wealth Management Inc. Cuts Stake in AbbVie Inc. (NYSE:ABBV)

Stockman Wealth Management Inc. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 11.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,619 shares of the company’s stock after selling 345 shares during the period. Stockman Wealth Management Inc.’s holdings in AbbVie were worth $517,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. acquired a new position in shares of AbbVie during the first quarter worth $646,000. Quent Capital LLC lifted its position in shares of AbbVie by 3.3% during the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after purchasing an additional 283 shares in the last quarter. NorthRock Partners LLC lifted its position in shares of AbbVie by 7.3% during the first quarter. NorthRock Partners LLC now owns 25,292 shares of the company’s stock worth $4,606,000 after purchasing an additional 1,728 shares in the last quarter. Meeder Advisory Services Inc. lifted its position in shares of AbbVie by 3.5% during the first quarter. Meeder Advisory Services Inc. now owns 29,596 shares of the company’s stock worth $5,389,000 after purchasing an additional 1,006 shares in the last quarter. Finally, Verus Capital Partners LLC lifted its position in shares of AbbVie by 1.6% during the first quarter. Verus Capital Partners LLC now owns 64,640 shares of the company’s stock worth $11,771,000 after purchasing an additional 990 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV traded down $1.01 during midday trading on Friday, hitting $199.50. 4,596,949 shares of the stock traded hands, compared to its average volume of 5,356,025. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32. The firm has a market capitalization of $352.54 billion, a PE ratio of 69.27, a price-to-earnings-growth ratio of 2.46 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.71 and a current ratio of 0.65. The business’s 50 day moving average price is $194.58 and its two-hundred day moving average price is $180.61.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’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 company posted $2.95 earnings per share. Equities research analysts predict that AbbVie Inc. will post 10.96 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 issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.29%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Piper Sandler lifted their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley lifted their price target on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.82.

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.