Balboa Wealth Partners Decreases Holdings in AbbVie Inc. (NYSE:ABBV)

Balboa Wealth Partners cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,885 shares of the company’s stock after selling 555 shares during the quarter. Balboa Wealth Partners’ holdings in AbbVie were worth $1,360,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Oak Harbor Wealth Partners LLC increased its position in AbbVie by 4.0% during the third quarter. Oak Harbor Wealth Partners LLC now owns 4,070 shares of the company’s stock worth $804,000 after buying an additional 157 shares in the last quarter. Sargent Investment Group LLC grew its holdings in shares of AbbVie by 3.2% during the third quarter. Sargent Investment Group LLC now owns 47,162 shares of the company’s stock worth $9,314,000 after buying an additional 1,470 shares in the last quarter. Omnia Family Wealth LLC raised its position in shares of AbbVie by 8.4% in the third quarter. Omnia Family Wealth LLC now owns 4,091 shares of the company’s stock valued at $808,000 after buying an additional 317 shares during the last quarter. Lifeworks Advisors LLC boosted its position in AbbVie by 3.9% during the third quarter. Lifeworks Advisors LLC now owns 33,698 shares of the company’s stock worth $6,655,000 after acquiring an additional 1,269 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. raised its holdings in AbbVie by 7.1% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 50,119 shares of the company’s stock valued at $9,898,000 after acquiring an additional 3,304 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

AbbVie stock opened at $169.63 on Friday. The firm has a market capitalization of $299.76 billion, a P/E ratio of 58.90, a PEG ratio of 2.08 and a beta of 0.63. AbbVie Inc. has a 1 year low of $136.30 and a 1 year high of $207.32. The business has a 50-day moving average of $193.08 and a 200-day moving average of $180.84. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

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, equities analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.87%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Bank of America lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Truist Financial upped their price target 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. JPMorgan Chase & Co. dropped their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, UBS Group lifted their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $203.83.

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.