First City Capital Management Inc. Sells 723 Shares of AbbVie Inc. (NYSE:ABBV)

First City Capital Management Inc. reduced its stake in AbbVie Inc. (NYSE:ABBV) by 2.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 26,381 shares of the company’s stock after selling 723 shares during the quarter. AbbVie makes up 2.7% of First City Capital Management Inc.’s investment portfolio, making the stock its 9th largest holding. First City Capital Management Inc.’s holdings in AbbVie were worth $5,210,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new position in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the 2nd quarter worth approximately $27,000. Quest Partners LLC increased its position in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the period. Marquette Asset Management LLC acquired a new position in shares of AbbVie during the third quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. boosted its position 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 acquiring an additional 100 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.8 %

ABBV stock opened at $166.26 on Tuesday. The business has a fifty day moving average price of $191.44 and a 200 day moving average price of $181.08. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The stock has a market capitalization of $293.80 billion, a price-to-earnings ratio of 57.73, a P/E/G ratio of 2.01 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $137.14 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company earned $2.95 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.95%. 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 (DPR) is currently 215.28%.

Analyst Ratings Changes

Several research firms recently commented on ABBV. Morgan Stanley cut their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Bank of America boosted 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.89.

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.