Veery Capital LLC Sells 120 Shares of AbbVie Inc. (NYSE:ABBV)

Veery Capital LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 7.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,475 shares of the company’s stock after selling 120 shares during the quarter. Veery Capital LLC’s holdings in AbbVie were worth $291,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Vaughan Nelson Investment Management L.P. raised its position in shares of AbbVie by 0.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 21,135 shares of the company’s stock valued at $4,174,000 after buying an additional 60 shares during the last quarter. River Street Advisors LLC lifted its position in shares of AbbVie by 12.5% in the third quarter. River Street Advisors LLC now owns 10,595 shares of the company’s stock worth $2,092,000 after buying an additional 1,179 shares in the last quarter. Turtle Creek Wealth Advisors LLC boosted its stake in AbbVie by 26.6% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 2,940 shares of the company’s stock valued at $581,000 after buying an additional 618 shares during the last quarter. 1776 Wealth LLC purchased a new position in AbbVie during the 3rd quarter valued at approximately $242,000. Finally, LJI Wealth Management LLC increased its stake in AbbVie by 4.2% in the 3rd quarter. LJI Wealth Management LLC now owns 2,219 shares of the company’s stock worth $438,000 after acquiring an additional 89 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ABBV shares. JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday. UBS Group lifted their price target on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler boosted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Barclays increased their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Wolfe Research started coverage on shares of AbbVie in a report on Friday. They set an “outperform” rating and a $205.00 price objective for the company. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $203.89.

AbbVie Trading Down 2.7 %

NYSE:ABBV opened at $164.99 on Friday. The stock has a market capitalization of $291.56 billion, a price-to-earnings ratio of 57.29, a PEG ratio of 2.07 and a beta of 0.63. AbbVie Inc. has a 52 week low of $137.05 and a 52 week high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The firm has a 50 day moving average of $192.04 and a 200 day moving average of $180.91.

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 analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.95 earnings per share. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current fiscal 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 issued a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.98%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) 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.