AbbVie Inc. $ABBV Stock Sold by Philadelphia Trust Co.

Philadelphia Trust Co. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 7.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 138,899 shares of the company’s stock after selling 11,755 shares during the period. AbbVie makes up approximately 2.4% of Philadelphia Trust Co.’s investment portfolio, making the stock its 11th largest position. Philadelphia Trust Co.’s holdings in AbbVie were worth $36,335,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Corient Private Wealth LP purchased a new position in AbbVie in the 2nd quarter worth approximately $559,736,000. Legal & General Group Plc purchased a new stake in shares of AbbVie in the second quarter valued at approximately $2,905,952,000. Jupiter Topco LLC purchased a new stake in shares of AbbVie in the second quarter valued at approximately $1,560,354,000. Canada Pension Plan Investment Board acquired a new stake in shares of AbbVie in the second quarter valued at approximately $817,473,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of AbbVie in the second quarter valued at approximately $655,268,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. This represents a 30.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by company insiders.

AbbVie Stock Performance

ABBV stock opened at $293.88 on Wednesday. AbbVie Inc. has a one year low of $190.75 and a one year high of $302.93. The firm has a market cap of $519.46 billion, a PE ratio of 50.58, a PEG ratio of 1.33 and a beta of 0.20. The firm’s 50 day moving average price is $273.45 and its 200-day moving average price is $239.80.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.09. The company had revenue of $17.40 billion during the quarter, compared to analyst estimates of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.86 earnings per share. Equities research analysts predict that AbbVie Inc. will post 13.98 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be paid a $1.82 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date of this dividend is Friday, January 15th. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. AbbVie’s dividend payout ratio is currently 125.30%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Oppenheimer lifted their price objective on AbbVie from $244.00 to $258.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Rothschild & Co Redburn raised their target price on AbbVie from $284.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Cantor Fitzgerald lifted their price target on AbbVie from $290.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. BNP Paribas Exane boosted their price target on shares of AbbVie from $218.00 to $247.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $298.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $297.46.

AbbVie Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas. Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.