Linscomb Wealth Inc. Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Linscomb Wealth Inc. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 3.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 78,363 shares of the company’s stock after selling 2,653 shares during the period. AbbVie makes up approximately 0.8% of Linscomb Wealth Inc.’s holdings, making the stock its 17th largest holding. Linscomb Wealth Inc.’s holdings in AbbVie were worth $15,475,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ABBV. Fairway Wealth LLC bought a new stake in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the second quarter worth about $27,000. Quest Partners LLC grew its stake in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter worth about $39,000. Finally, Mizuho Securities Co. Ltd. grew its stake in shares of AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

AbbVie stock traded down $3.09 during trading on Friday, reaching $166.54. The company had a trading volume of 2,791,807 shares, compared to its average volume of 5,431,623. AbbVie Inc. has a 52 week low of $137.05 and a 52 week high of $207.32. The firm’s 50-day simple moving average is $192.62 and its 200 day simple moving average is $180.76. The firm has a market capitalization of $294.30 billion, a price-to-earnings ratio of 57.99, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63. 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 (NYSE:ABBV) last announced 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. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the firm earned $2.95 EPS. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ABBV. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Sanford C. Bernstein initiated coverage on AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday. BMO Capital Markets lowered their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a report on Tuesday. 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 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

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.