Linscomb Wealth Inc. Sells 2,653 Shares of AbbVie Inc. (NYSE:ABBV)

Linscomb Wealth Inc. reduced its stake in AbbVie Inc. (NYSE:ABBV) by 3.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,363 shares of the company’s stock after selling 2,653 shares during the period. AbbVie accounts for 0.8% of Linscomb Wealth Inc.’s holdings, making the stock its 17th biggest holding. Linscomb Wealth Inc.’s holdings in AbbVie were worth $15,475,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fairway Wealth LLC bought a new stake in AbbVie in the 2nd quarter worth about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the 2nd quarter worth about $27,000. 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 in the last quarter. Marquette Asset Management LLC bought a new stake in AbbVie in the 3rd quarter worth about $39,000. Finally, Mizuho Securities Co. Ltd. grew its position in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of ABBV stock traded down $3.09 on Friday, reaching $166.54. The company’s stock had a trading volume of 2,791,807 shares, compared to its average volume of 5,431,623. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 12-month low of $137.05 and a 12-month high of $207.32. The company has a market capitalization of $294.30 billion, a P/E ratio of 57.99, a PEG ratio of 2.07 and a beta of 0.63. The stock’s 50 day simple moving average is $192.62 and its 200-day simple moving average is $180.76.

AbbVie (NYSE:ABBV) last released 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 return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the business posted $2.95 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.94%. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Wolfe Research initiated coverage on shares of AbbVie in a research note on Friday. They issued an “outperform” rating and a $205.00 target price on the stock. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Truist Financial boosted their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $203.89.

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.