Chevy Chase Trust Holdings LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Chevy Chase Trust Holdings LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 1.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 981,596 shares of the company’s stock after selling 15,603 shares during the quarter. AbbVie comprises 0.6% of Chevy Chase Trust Holdings LLC’s holdings, making the stock its 28th largest holding. Chevy Chase Trust Holdings LLC’s holdings in AbbVie were worth $193,846,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Fairway Wealth LLC purchased a new stake in AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter worth about $27,000. RPg Family Wealth Advisory LLC purchased a new position in shares of AbbVie during the third quarter valued at approximately $28,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Finally, Marquette Asset Management LLC purchased a new position in shares of AbbVie during the third quarter valued at approximately $39,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Wells Fargo & Company lifted their target price on shares of AbbVie to $195.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Guggenheim lifted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $203.50.

AbbVie Trading Down 0.1 %

NYSE:ABBV opened at $182.93 on Monday. 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 Inc. has a 12 month low of $138.01 and a 12 month high of $207.32. The company has a market cap of $323.26 billion, a PE ratio of 63.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.63. The company has a 50 day simple moving average of $188.23 and a two-hundred day simple moving average of $182.02.

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

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

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.