1,226 Shares in AbbVie Inc. (NYSE:ABBV) Bought by 1776 Wealth LLC

1776 Wealth LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,226 shares of the company’s stock, valued at approximately $242,000.

Several other institutional investors also recently modified their holdings of the business. LJI Wealth Management LLC grew its stake in shares of AbbVie by 4.2% in the third quarter. LJI Wealth Management LLC now owns 2,219 shares of the company’s stock worth $438,000 after purchasing an additional 89 shares during the last quarter. RIA Advisory Group LLC bought a new stake in shares of AbbVie in the third quarter worth $579,000. Natixis Advisors LLC lifted its holdings in AbbVie by 5.2% in the third quarter. Natixis Advisors LLC now owns 1,213,411 shares of the company’s stock valued at $239,624,000 after buying an additional 60,157 shares during the period. Seelaus Asset Management LLC lifted its holdings in AbbVie by 1.6% in the third quarter. Seelaus Asset Management LLC now owns 4,382 shares of the company’s stock valued at $865,000 after buying an additional 70 shares during the period. Finally, Northcape Wealth Management LLC lifted its holdings in AbbVie by 7.6% in the third quarter. Northcape Wealth Management LLC now owns 12,682 shares of the company’s stock valued at $2,504,000 after buying an additional 900 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ABBV. Bank of America boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Morgan Stanley dropped their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Sanford C. Bernstein assumed coverage on shares of AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Finally, BMO Capital Markets dropped their price objective on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

AbbVie Price Performance

NYSE ABBV traded down $4.64 on Friday, hitting $164.99. The stock had a trading volume of 11,265,398 shares, compared to its average volume of 5,469,640. AbbVie Inc. has a 52-week low of $137.05 and a 52-week high of $207.32. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The company has a market capitalization of $291.56 billion, a price-to-earnings ratio of 57.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63. The firm has a 50-day moving average of $192.04 and a 200-day moving average of $180.78.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the prior year, the company posted $2.95 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 215.28%.

AbbVie 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.