AbbVie Inc. $ABBV Stock: Lockheed Martin Investment Management Co. Reduces Position

Lockheed Martin Investment Management Co. decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 31.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,160 shares of the company’s stock after selling 12,970 shares during the period. Lockheed Martin Investment Management Co.’s holdings in AbbVie were worth $7,366,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Burk Holdings LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $30,000. Marquette Asset Management LLC raised its position in AbbVie by 52.2% in the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock valued at $35,000 after purchasing an additional 48 shares during the last quarter. IMG Wealth Management Inc. raised its position in AbbVie by 3,060.0% in the 2nd quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after purchasing an additional 153 shares during the last quarter. Principia Wealth Advisory LLC raised its position in AbbVie by 38.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Finally, Tacita Capital Inc acquired a new stake in AbbVie during the 2nd quarter worth $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of AbbVie from $280.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday, November 2nd. Scotiabank upped their target price on shares of AbbVie from $280.00 to $320.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. Piper Sandler upped their target price on shares of AbbVie from $298.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Wolfe Research upgraded shares of AbbVie from a “peer perform” rating to an “outperform” rating and increased their target price for the stock from $235.00 to $300.00 in a research note on Thursday, August 13th. Finally, Oppenheimer raised their price target on AbbVie from $244.00 to $258.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $297.46.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction on 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 completion of the sale, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

AbbVie Trading Up 0.5%

NYSE:ABBV opened at $292.87 on Tuesday. AbbVie Inc. has a 12-month low of $190.75 and a 12-month high of $302.93. The stock’s 50 day simple moving average is $272.71 and its 200-day simple moving average is $239.42. The firm has a market cap of $517.69 billion, a P/E ratio of 50.41, a PEG ratio of 1.34 and a beta of 0.20.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm had revenue of $17.40 billion during the quarter, compared to the consensus estimate of $17.32 billion. During the same period last year, the company earned $1.86 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 13.99 EPS for the current fiscal year.

AbbVie Increases Dividend

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

AbbVie 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.