Kentucky Retirement Systems Insurance Trust Fund Has $10.33 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Kentucky Retirement Systems Insurance Trust Fund lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 8.2% in the third quarter, HoldingsChannel reports. The fund owned 52,297 shares of the company’s stock after selling 4,659 shares during the period. AbbVie accounts for approximately 0.7% of Kentucky Retirement Systems Insurance Trust Fund’s investment portfolio, making the stock its 22nd largest holding. Kentucky Retirement Systems Insurance Trust Fund’s holdings in AbbVie were worth $10,328,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. GGM Financials LLC grew its position in AbbVie by 0.7% in the third quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock valued at $1,362,000 after acquiring an additional 50 shares during the last quarter. Pine Haven Investment Counsel Inc lifted its holdings in shares of AbbVie by 0.3% in the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after acquiring an additional 52 shares during the last quarter. Dillon & Associates Inc. boosted its stake in shares of AbbVie by 0.8% in the 3rd quarter. Dillon & Associates Inc. now owns 6,914 shares of the company’s stock valued at $1,362,000 after purchasing an additional 52 shares in the last quarter. Frisch Financial Group Inc. increased its position in AbbVie by 0.8% during the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after purchasing an additional 53 shares in the last quarter. Finally, First Citizens Financial Corp lifted its stake in AbbVie by 0.9% in the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after purchasing an additional 53 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ABBV shares. Piper Sandler boosted their target price 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. Wells Fargo & Company boosted their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. UBS Group upped their target price on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Bank of America lifted their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Sanford C. Bernstein initiated 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. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $203.89.

AbbVie Trading Down 2.8 %

NYSE:ABBV opened at $164.91 on Friday. AbbVie Inc. has a 52 week low of $137.05 and a 52 week high of $207.32. The firm’s fifty day moving average is $192.04 and its 200-day moving average is $180.78. The firm has a market cap of $291.42 billion, a P/E ratio of 57.26, a P/E/G ratio of 2.07 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 results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating 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 analysts’ expectations of $14.28 billion. During the same quarter in the prior year, the firm posted $2.95 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.98%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

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.