AbbVie Inc. (NYSE:ABBV) Shares Purchased by 49 Wealth Management LLC

by · The Markets Daily

49 Wealth Management LLC raised its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 224.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,002 shares of the company’s stock after purchasing an additional 3,458 shares during the period. 49 Wealth Management LLC’s holdings in AbbVie were worth $988,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. Fairway Wealth LLC acquired a new position in shares of AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the 2nd quarter valued at $27,000. Quest Partners LLC lifted its stake in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in shares of AbbVie in the third quarter worth about $39,000. Finally, Mizuho Securities Co. Ltd. grew its stake in shares of AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of ABBV stock opened at $172.18 on Friday. AbbVie Inc. has a 12-month low of $137.65 and a 12-month high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm has a market capitalization of $304.27 billion, a price-to-earnings ratio of 59.78, a price-to-earnings-growth ratio of 2.03 and a beta of 0.63. The business has a 50 day simple moving average of $189.81 and a 200 day simple moving average of $180.95.

AbbVie (NYSE:ABBV – Get Free Report) last issued 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 company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $2.95 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.81%. 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 currently 215.28%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Leerink Partners upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target for the company in a report on Friday. BMO Capital Markets cut their price target on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company upped their target price on shares of AbbVie to $195.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Wolfe Research initiated coverage on shares of AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $203.50.

Check Out Our Latest Report on AbbVie

About AbbVie

(Free Report)

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.

See Also

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