AbbVie Inc. (NYSE:ABBV) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd cut its holdings in AbbVie Inc. (NYSE:ABBV) by 4.2% during the third quarter, HoldingsChannel reports. The fund owned 139,084 shares of the company’s stock after selling 6,107 shares during the period. AbbVie comprises 0.7% of Gulf International Bank UK Ltd’s holdings, making the stock its 22nd biggest position. Gulf International Bank UK Ltd’s holdings in AbbVie were worth $27,466,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. purchased a new position in shares of AbbVie during the 1st quarter worth approximately $646,000. Quent Capital LLC raised its holdings in shares of AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after buying an additional 283 shares during the period. Commerce Bank lifted its stake in AbbVie by 5.2% during the 1st quarter. Commerce Bank now owns 519,647 shares of the company’s stock worth $94,628,000 after acquiring an additional 25,500 shares in the last quarter. Rehmann Capital Advisory Group grew its position in AbbVie by 1.4% in the 1st quarter. Rehmann Capital Advisory Group now owns 13,218 shares of the company’s stock valued at $2,407,000 after acquiring an additional 180 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its stake in AbbVie by 13.7% during the first quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 20,826 shares of the company’s stock worth $3,792,000 after purchasing an additional 2,515 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 1.5 %

ABBV stock opened at $200.47 on Tuesday. The company has a market cap of $354.10 billion, a P/E ratio of 69.61, a P/E/G ratio of 2.78 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company’s 50-day moving average price is $194.18 and its 200 day moving average price is $179.85. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. AbbVie’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.95 earnings per share. On average, research 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. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.27%. AbbVie’s dividend payout ratio is currently 227.78%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent research reports. Bank of America upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. UBS Group increased their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. BMO Capital Markets boosted their price objective on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, TD Cowen upped their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $201.00.

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.