Columbus Macro LLC Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

Columbus Macro LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 13,357 shares of the company’s stock after selling 481 shares during the quarter. AbbVie comprises about 0.9% of Columbus Macro LLC’s holdings, making the stock its 24th largest position. Columbus Macro LLC’s holdings in AbbVie were worth $2,626,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Fairway Wealth LLC purchased a new position in AbbVie during the second quarter worth about $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the 2nd quarter worth approximately $27,000. Quest Partners LLC boosted its position in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the period. Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie during the 1st quarter worth approximately $37,000. Finally, Marquette Asset Management LLC acquired a new stake in AbbVie in the 3rd quarter valued at approximately $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ABBV has been the subject of several research analyst reports. Truist Financial raised their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. TD Cowen raised their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company raised their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Stock Performance

Shares of ABBV stock opened at $188.86 on Monday. The company has a market cap of $333.50 billion, a P/E ratio of 56.04, a PEG ratio of 2.66 and a beta of 0.63. The firm has a fifty day moving average price of $194.44 and a 200 day moving average price of $177.74. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the firm posted $2.91 EPS. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.28%. AbbVie’s dividend payout ratio is currently 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

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.