Planning Capital Management Corp Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Planning Capital Management Corp lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 69.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 231 shares of the company’s stock after selling 536 shares during the period. Planning Capital Management Corp’s holdings in AbbVie were worth $46,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ABBV. China Universal Asset Management Co. Ltd. bought a new stake in shares of AbbVie during the first quarter worth $646,000. Quent Capital LLC raised its holdings in shares of AbbVie by 3.3% in the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after acquiring an additional 283 shares in the last quarter. M&G Plc bought a new position in AbbVie in the first quarter worth about $41,807,000. Mizuho Markets Americas LLC raised its holdings in AbbVie by 102.8% in the first quarter. Mizuho Markets Americas LLC now owns 62,695 shares of the company’s stock worth $11,417,000 after purchasing an additional 31,781 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC raised its holdings in AbbVie by 21.0% in the first quarter. Pinkerton Retirement Specialists LLC now owns 22,932 shares of the company’s stock worth $4,176,000 after purchasing an additional 3,975 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.4 %

Shares of NYSE ABBV opened at $169.63 on Friday. The stock’s 50 day moving average price is $193.08 and its two-hundred day moving average price is $180.84. AbbVie Inc. has a 52-week low of $136.30 and a 52-week high of $207.32. The stock 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. 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 (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) 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 the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $2.95 EPS. On average, analysts anticipate 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. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date 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 dividend yield of 3.87%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ABBV shares. JPMorgan Chase & Co. dropped their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, BMO Capital Markets reduced their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $203.83.

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.