Folger Nolan Fleming Douglas Capital Management Inc. Lowers Holdings in AbbVie Inc. (NYSE:ABBV)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,625 shares of the company’s stock after selling 227 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in AbbVie were worth $2,888,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ABBV. Fairway Wealth LLC bought a new stake in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie during the 2nd quarter worth $27,000. Marquette Asset Management LLC bought a new stake in shares of AbbVie during the 3rd quarter worth $39,000. Quest Partners LLC increased its stake 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 last quarter. Finally, Burkett Financial Services LLC raised its position in AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after purchasing an additional 82 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Up 6.4 %

Shares of ABBV opened at $201.55 on Thursday. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $202.35. The firm has a market capitalization of $355.91 billion, a price-to-earnings ratio of 59.81, a PEG ratio of 2.66 and a beta of 0.63. The firm’s 50-day moving average price is $193.85 and its 200-day moving average price is $178.91. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.25%. AbbVie’s dividend payout ratio is 183.98%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ABBV shares. Morgan Stanley upped their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Citigroup boosted their price objective on shares of AbbVie from $170.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America increased their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, BMO Capital Markets boosted their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

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.