Providence Wealth Advisors LLC Has $2.45 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Providence Wealth Advisors LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,005 shares of the company’s stock after selling 349 shares during the period. AbbVie makes up approximately 1.8% of Providence Wealth Advisors LLC’s holdings, making the stock its 17th biggest position. Providence Wealth Advisors LLC’s holdings in AbbVie were worth $2,445,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new stake in AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter worth about $27,000. RPg Family Wealth Advisory LLC bought a new position in shares of AbbVie during the 3rd quarter worth about $28,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the period. Finally, Marquette Asset Management LLC acquired a new stake in shares of AbbVie during the 3rd quarter worth about $39,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

Shares of ABBV opened at $183.08 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. AbbVie Inc. has a twelve month low of $137.65 and a twelve month high of $207.32. The firm’s 50 day moving average price is $188.44 and its two-hundred day moving average price is $181.60. The firm has a market cap of $323.53 billion, a P/E ratio of 63.57, a PEG ratio of 2.02 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the firm posted $2.95 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. 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 3.58%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABBV. Truist Financial increased their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wolfe Research initiated coverage on shares of AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 target price for the company. Citigroup lowered their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Morgan Stanley lowered their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Finally, Sanford C. Bernstein assumed coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Three investment 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, the company has an average rating of “Moderate Buy” and a consensus target price of $203.50.

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.