IQ EQ FUND MANAGEMENT IRELAND Ltd Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,176 shares of the company’s stock after selling 160 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in AbbVie were worth $1,022,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in AbbVie by 128.5% in the fourth quarter. Wellington Management Group LLP now owns 954,374 shares of the company’s stock valued at $147,899,000 after purchasing an additional 536,730 shares during the period. Signal Advisors Wealth LLC purchased a new stake in AbbVie in the 1st quarter worth $332,000. Bruce G. Allen Investments LLC raised its position in AbbVie by 9.6% during the first quarter. Bruce G. Allen Investments LLC now owns 2,749 shares of the company’s stock worth $501,000 after acquiring an additional 241 shares during the period. Banque Cantonale Vaudoise lifted its holdings in AbbVie by 18.4% during the first quarter. Banque Cantonale Vaudoise now owns 52,244 shares of the company’s stock valued at $9,513,000 after purchasing an additional 8,122 shares in the last quarter. Finally, Wedmont Private Capital grew its position in shares of AbbVie by 4.8% in the first quarter. Wedmont Private Capital now owns 18,496 shares of the company’s stock valued at $3,147,000 after purchasing an additional 851 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $188.57 on Friday. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The firm’s 50 day moving average price is $194.46 and its 200-day moving average price is $177.70. The firm has a market cap of $332.99 billion, a P/E ratio of 55.96, a P/E/G ratio of 2.66 and a beta of 0.63.

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

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.29%. AbbVie’s dividend payout ratio is presently 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Truist Financial raised 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. Finally, Sanford C. Bernstein initiated coverage on shares of AbbVie in a research note on Thursday. They set a “market perform” rating and a $203.00 price objective for the company. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $198.69.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.25% of the company’s stock.

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.