Ingalls & Snyder LLC Has $27.58 Million Stake in AbbVie Inc. (NYSE:ABBV)

Ingalls & Snyder LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 139,640 shares of the company’s stock after selling 9,823 shares during the period. AbbVie comprises approximately 1.1% of Ingalls & Snyder LLC’s investment portfolio, making the stock its 20th biggest position. Ingalls & Snyder LLC’s holdings in AbbVie were worth $27,576,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Intrepid Capital Management Inc. grew its holdings in AbbVie by 10.1% during the 3rd quarter. Intrepid Capital Management Inc. now owns 1,510 shares of the company’s stock worth $298,000 after acquiring an additional 138 shares during the period. Investmark Advisory Group LLC grew its holdings in AbbVie by 1.3% during the 3rd quarter. Investmark Advisory Group LLC now owns 26,092 shares of the company’s stock worth $5,153,000 after acquiring an additional 347 shares during the period. Investment Management Corp of Ontario grew its stake in shares of AbbVie by 38.2% in the 3rd quarter. Investment Management Corp of Ontario now owns 107,995 shares of the company’s stock valued at $21,327,000 after buying an additional 29,871 shares during the period. Itau Unibanco Holding S.A. grew its stake in shares of AbbVie by 19.1% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 11,492 shares of the company’s stock valued at $2,269,000 after buying an additional 1,847 shares during the period. Finally, Hilltop Holdings Inc. grew its stake in shares of AbbVie by 94.1% in the 3rd quarter. Hilltop Holdings Inc. now owns 54,813 shares of the company’s stock valued at $10,824,000 after buying an additional 26,580 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

AbbVie stock traded up $1.30 during mid-day trading on Tuesday, reaching $183.07. The company’s stock had a trading volume of 615,807 shares, compared to its average volume of 5,515,042. The firm’s fifty day moving average price is $187.99 and its two-hundred day moving average price is $182.14. The company has a market capitalization of $323.51 billion, a P/E ratio of 63.11, a PEG ratio of 2.09 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a 12-month low of $142.66 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business’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 EPS. Sell-side analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Piper Sandler raised their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. TD Cowen raised their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. dropped their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Guggenheim lifted their target price on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $203.50.

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.