Fiduciary Trust Co Trims Position in AbbVie Inc. (NYSE:ABBV)

Fiduciary Trust Co trimmed its position in AbbVie Inc. (NYSE:ABBV) by 0.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 299,605 shares of the company’s stock after selling 330 shares during the period. AbbVie comprises approximately 0.8% of Fiduciary Trust Co’s holdings, making the stock its 25th biggest holding. Fiduciary Trust Co’s holdings in AbbVie were worth $59,166,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ABBV. Fairway Wealth LLC bought a new stake in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the 2nd quarter worth approximately $27,000. RPg Family Wealth Advisory LLC bought a new stake in AbbVie in the third quarter worth $28,000. Quest Partners LLC boosted its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the period. Finally, Marquette Asset Management LLC bought a new position in shares of AbbVie in the third quarter worth approximately $39,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $183.09 on Thursday. AbbVie Inc. has a 12-month low of $137.65 and a 12-month high of $207.32. The firm has a market capitalization of $323.55 billion, a price-to-earnings ratio of 63.57, a price-to-earnings-growth ratio of 2.02 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The firm has a 50 day moving average of $188.65 and a 200 day moving average of $181.59.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.95 EPS. On average, research analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business 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 $1.64 dividend. This is a boost 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 3.58%. AbbVie’s dividend payout ratio is presently 215.28%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Citigroup lowered their price target on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price on the stock in a research note on Friday, November 22nd. Barclays raised their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. dropped their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $203.50.

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.