First Heartland Consultants Inc. Sells 655 Shares of AbbVie Inc. (NYSE:ABBV)

First Heartland Consultants Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 10.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,342 shares of the company’s stock after selling 655 shares during the quarter. First Heartland Consultants Inc.’s holdings in AbbVie were worth $1,055,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in shares of AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the second quarter valued at about $27,000. Quest Partners LLC lifted its stake in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the period. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the 3rd quarter valued at about $39,000. Finally, Burkett Financial Services LLC boosted its stake in AbbVie by 61.2% during the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. BMO Capital Markets increased their price target on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Piper Sandler increased their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Morgan Stanley lowered their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday. Three equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $205.41.

AbbVie Stock Performance

AbbVie stock traded up $0.91 during trading hours on Tuesday, hitting $175.34. The company had a trading volume of 2,577,139 shares, compared to its average volume of 5,378,220. AbbVie Inc. has a one year low of $136.30 and a one year high of $207.32. The firm has a 50-day moving average of $194.14 and a 200 day moving average of $180.83. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.71. The firm has a market cap of $309.85 billion, a PE ratio of 60.87, a PEG ratio of 2.44 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued 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 in the prior year, the firm posted $2.95 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.74%. AbbVie’s payout ratio is currently 227.78%.

AbbVie 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.