TRUE Private Wealth Advisors Sells 323 Shares of AbbVie Inc. (NYSE:ABBV)

TRUE Private Wealth Advisors decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,220 shares of the company’s stock after selling 323 shares during the period. AbbVie accounts for 0.7% of TRUE Private Wealth Advisors’ portfolio, making the stock its 27th largest position. TRUE Private Wealth Advisors’ holdings in AbbVie were worth $5,770,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the second quarter valued at approximately $27,000. RPg Family Wealth Advisory LLC purchased a new stake in AbbVie in the third quarter worth approximately $28,000. Quest Partners LLC grew 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 purchasing an additional 207 shares during the period. Finally, Marquette Asset Management LLC purchased a new stake in AbbVie during the 3rd quarter valued at $39,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ABBV. TD Cowen raised their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Leerink Partners upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a research note on Friday, November 22nd. Guggenheim boosted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.50.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $182.93 on Friday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market cap of $323.26 billion, a price-to-earnings ratio of 63.52, a P/E/G ratio of 2.09 and a beta of 0.63. The firm has a fifty day moving average price of $188.23 and a 200 day moving average price of $181.75. AbbVie Inc. has a fifty-two week low of $138.01 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $14.28 billion. During the same period in the previous year, the firm posted $2.95 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm 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 annualized dividend and a yield of 3.59%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 227.78%.

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.