Metropolitan Life Insurance Co NY Sells 2,214 Shares of AbbVie Inc. (NYSE:ABBV)

Metropolitan Life Insurance Co NY decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% in the 2nd quarter, Holdings Channel reports. The fund owned 76,886 shares of the company’s stock after selling 2,214 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in AbbVie were worth $10,359,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ABBV. Kalos Management Inc. bought a new position in shares of AbbVie during the 1st quarter worth approximately $26,000. Miller Wealth Advisors LLC grew its position in AbbVie by 140.0% in the second quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares in the last quarter. Sanctuary Wealth Management L.L.C. bought a new position in shares of AbbVie in the 2nd quarter valued at about $39,000. True Wealth Design LLC bought a new position in AbbVie in the fourth quarter valued at approximately $39,000. Finally, PrairieView Partners LLC grew its stake in AbbVie by 346.7% in the second quarter. PrairieView Partners LLC now owns 335 shares of the company’s stock valued at $45,000 after purchasing an additional 260 shares in the last quarter. Institutional investors own 67.86% of the company’s stock.

AbbVie Trading Down 0.1 %

ABBV opened at $138.20 on Monday. The company has a 50-day simple moving average of $146.58 and a 200 day simple moving average of $143.95. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11. The company has a quick ratio of 0.84, a current ratio of 0.96 and a debt-to-equity ratio of 4.59. The stock has a market capitalization of $244.00 billion, a price-to-earnings ratio of 37.89, a P/E/G ratio of 2.45 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, October 27th. The company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.09. The business had revenue of $13.93 billion during the quarter, compared to the consensus estimate of $13.72 billion. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. AbbVie’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the prior year, the company earned $3.66 EPS. Analysts predict that AbbVie Inc. will post 11.24 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.49%. This is a boost from AbbVie’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Friday, January 12th. AbbVie’s dividend payout ratio is presently 169.86%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Barclays upgraded AbbVie from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $160.00 to $170.00 in a report on Monday, October 30th. Deutsche Bank Aktiengesellschaft started coverage on AbbVie in a research note on Thursday, November 9th. They set a “hold” rating and a $150.00 target price for the company. Piper Sandler lifted their target price on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Finally, UBS Group reduced their price objective on shares of AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Eight investment 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $167.69.

AbbVie Profile

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.