Camden National Bank Cuts Holdings in AbbVie Inc. (NYSE:ABBV)

Camden National Bank decreased its stake in AbbVie Inc. (NYSE:ABBV) by 1.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 9,836 shares of the company’s stock after selling 150 shares during the quarter. Camden National Bank’s holdings in AbbVie were worth $1,942,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. bought a new position in shares of AbbVie during the 1st quarter valued at about $646,000. Quent Capital LLC grew its position in AbbVie by 3.3% during the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after acquiring an additional 283 shares during the last quarter. Bank of Nova Scotia Trust Co. purchased a new position in shares of AbbVie during the first quarter worth approximately $201,000. Bellevue Group AG raised its stake in shares of AbbVie by 310.2% during the first quarter. Bellevue Group AG now owns 27,593 shares of the company’s stock worth $5,025,000 after acquiring an additional 20,866 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC lifted its holdings in shares of AbbVie by 9.9% in the 1st quarter. Beaird Harris Wealth Management LLC now owns 2,113 shares of the company’s stock worth $385,000 after acquiring an additional 191 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the topic of a number of analyst reports. Guggenheim lifted their target price on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Citigroup decreased their price target on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Wells Fargo & Company upped their price target on shares of AbbVie to $195.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $203.50.

AbbVie Stock Up 3.0 %

NYSE:ABBV opened at $176.94 on Friday. AbbVie Inc. has a 1-year low of $137.65 and a 1-year high of $207.32. The company has a market capitalization of $312.68 billion, a PE ratio of 61.44, a P/E/G ratio of 2.03 and a beta of 0.63. The firm’s 50-day moving average price is $189.47 and its 200-day moving average price is $181.04. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last released its 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 firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $2.95 earnings per share. On average, equities analysts predict 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 paid a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.71%. AbbVie’s payout ratio is presently 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.