Aristotle Capital Management LLC Sells 6,815 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Aristotle Capital Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 9.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 68,979 shares of the company’s stock after selling 6,815 shares during the period. Aristotle Capital Management LLC’s holdings in AbbVie were worth $9,294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Retirement Income Solutions Inc bought a new stake in AbbVie during the 1st quarter worth $204,000. Ergoteles LLC grew its position in AbbVie by 17.8% during the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after acquiring an additional 847 shares during the last quarter. First Western Trust Bank bought a new stake in AbbVie during the 1st quarter worth $1,150,000. Wsfs Capital Management LLC bought a new stake in AbbVie during the 1st quarter worth $562,000. Finally, Bridgewater Associates LP grew its position in AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after acquiring an additional 33,661 shares during the last quarter. Institutional investors own 67.86% of the company’s stock.

AbbVie Stock Up 1.0 %

ABBV stock traded up $1.44 during trading on Wednesday, reaching $146.01. 1,139,860 shares of the stock were exchanged, compared to its average volume of 5,471,207. The firm’s 50 day moving average is $143.61 and its 200 day moving average is $143.46. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11. The company has a current ratio of 0.96, a quick ratio of 0.84 and a debt-to-equity ratio of 4.59. The firm has a market cap of $257.79 billion, a P/E ratio of 39.61, a price-to-earnings-growth ratio of 2.55 and a beta of 0.48.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.86 by $0.09. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The business had revenue of $13.93 billion for the quarter, compared to the consensus estimate of $13.72 billion. During the same period in the prior year, the business earned $3.66 EPS. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. As a group, research analysts forecast that AbbVie Inc. will post 11.24 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be issued a dividend of $1.55 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.48. This represents a $6.20 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date is Friday, January 12th. AbbVie’s payout ratio is currently 162.19%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ABBV shares. Morgan Stanley boosted their price objective on AbbVie from $193.00 to $196.00 and gave the stock an “overweight” rating in a research report on Monday, October 30th. Raymond James upped their price target on AbbVie from $177.00 to $181.00 and gave the company an “outperform” rating in a research report on Friday, December 1st. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Deutsche Bank Aktiengesellschaft began coverage on AbbVie in a research report on Thursday, November 9th. They issued a “hold” rating and a $150.00 price target on the stock. Finally, UBS Group reduced their price target on AbbVie from $157.00 to $150.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.94.

Get Our Latest Stock Report on AbbVie

About AbbVie

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.

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