AbbVie Inc. $ABBV Stock Sold by Lockheed Martin Investment Management Co.

Lockheed Martin Investment Management Co. cut its holdings in AbbVie Inc. (NYSE:ABBV) by 31.5% during the third quarter, Holdings Channel reports. The institutional investor owned 28,160 shares of the company’s stock after selling 12,970 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in AbbVie were worth $7,366,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of ABBV. Verus Financial Partners Inc. lifted its holdings in AbbVie by 1.7% in the third quarter. Verus Financial Partners Inc. now owns 2,048 shares of the company’s stock valued at $536,000 after acquiring an additional 35 shares during the period. Evergreen Private Wealth LLC boosted its position in shares of AbbVie by 3.3% during the 3rd quarter. Evergreen Private Wealth LLC now owns 1,090 shares of the company’s stock worth $285,000 after purchasing an additional 35 shares in the last quarter. Lifelong Wealth Advisors Inc. boosted its position in shares of AbbVie by 2.1% during the 3rd quarter. Lifelong Wealth Advisors Inc. now owns 1,755 shares of the company’s stock worth $459,000 after purchasing an additional 36 shares in the last quarter. IMG Wealth Management Inc. grew its stake in shares of AbbVie by 22.8% during the 3rd quarter. IMG Wealth Management Inc. now owns 194 shares of the company’s stock worth $51,000 after purchasing an additional 36 shares during the period. Finally, Foundry Financial Group Inc. grew its stake in shares of AbbVie by 4.6% during the 3rd quarter. Foundry Financial Group Inc. now owns 839 shares of the company’s stock worth $219,000 after purchasing an additional 37 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of ABBV stock opened at $292.87 on Tuesday. The stock has a fifty day moving average price of $272.71 and a 200 day moving average price of $239.42. The stock has a market cap of $517.69 billion, a PE ratio of 50.41, a P/E/G ratio of 1.34 and a beta of 0.20. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $302.93.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, topping analysts’ consensus estimates of $3.73 by $0.09. The company had revenue of $17.40 billion for the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. AbbVie’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.86 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 13.99 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be paid a dividend of $1.82 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date of this dividend is Friday, January 15th. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. AbbVie’s dividend payout ratio is presently 119.10%.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Argus increased their price target on shares of AbbVie from $250.00 to $270.00 in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of AbbVie from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Wells Fargo & Company boosted their price objective on shares of AbbVie from $300.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. Leerink Partners upped their target price on shares of AbbVie from $309.00 to $342.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. Finally, Oppenheimer increased their target price on shares of AbbVie from $244.00 to $258.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $297.46.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the sale, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. The trade was a 30.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is owned by company insiders.

AbbVie Company Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.