Perkins Capital Management Inc. Sells 1,425 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Perkins Capital Management Inc. lowered its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 17.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,558 shares of the company’s stock after selling 1,425 shares during the period. AbbVie makes up approximately 1.2% of Perkins Capital Management Inc.’s portfolio, making the stock its 26th largest position. Perkins Capital Management Inc.’s holdings in AbbVie were worth $1,295,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. Fairway Wealth LLC bought a new stake in shares of AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter valued at $27,000. Quest Partners LLC lifted its holdings in shares of 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 buying an additional 207 shares during the period. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter worth $39,000. Finally, Burkett Financial Services LLC increased its position in AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after acquiring an additional 82 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.2 %

Shares of ABBV stock opened at $201.20 on Thursday. The company’s fifty day simple moving average is $194.41 and its two-hundred day simple moving average is $180.25. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32. The stock has a market cap of $355.39 billion, a P/E ratio of 69.86, a PEG ratio of 2.54 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV – Get Free Report) 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 company 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 226.99% and a net margin of 9.22%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.95 earnings per share. Analysts predict that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is an increase 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 3.26%. AbbVie’s dividend payout ratio is presently 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research reports. Morgan Stanley raised their target price on AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Sanford C. Bernstein assumed coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. UBS Group raised their target price on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.72.

Read Our Latest Stock Analysis on AbbVie

AbbVie Profile

(Free Report)

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.

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