Hazlett Burt & Watson Inc. Acquires 62 Shares of AbbVie Inc. (NYSE:ABBV)

Hazlett Burt & Watson Inc. boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 0.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,416 shares of the company’s stock after purchasing an additional 62 shares during the quarter. AbbVie makes up approximately 0.9% of Hazlett Burt & Watson Inc.’s holdings, making the stock its 23rd biggest position. Hazlett Burt & Watson Inc.’s holdings in AbbVie were worth $1,858,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Arlington Capital Management Inc. increased its position in AbbVie by 15.5% in the third quarter. Arlington Capital Management Inc. now owns 1,506 shares of the company’s stock worth $297,000 after purchasing an additional 202 shares during the last quarter. Quintet Private Bank Europe S.A. grew its stake in shares of AbbVie by 28.1% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 52,646 shares of the company’s stock worth $10,397,000 after buying an additional 11,538 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services grew its stake in shares of AbbVie by 12.9% in the 3rd quarter. First National Bank of Mount Dora Trust Investment Services now owns 56,248 shares of the company’s stock worth $11,108,000 after buying an additional 6,420 shares in the last quarter. PDS Planning Inc increased its holdings in shares of AbbVie by 4.5% in the 3rd quarter. PDS Planning Inc now owns 108,502 shares of the company’s stock worth $21,427,000 after buying an additional 4,623 shares during the last quarter. Finally, QRG Capital Management Inc. raised its position in shares of AbbVie by 4.8% during the 3rd quarter. QRG Capital Management Inc. now owns 290,695 shares of the company’s stock valued at $57,407,000 after buying an additional 13,319 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. TD Cowen lifted their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Wells Fargo & Company lifted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Bank of America increased their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Truist Financial lifted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $201.00.

AbbVie Stock Down 0.7 %

Shares of NYSE ABBV traded down $1.45 during midday trading on Monday, reaching $202.10. 733,959 shares of the company’s stock traded hands, compared to its average volume of 5,307,825. The company has a market cap of $356.98 billion, a price-to-earnings ratio of 70.08, a P/E/G ratio of 2.78 and a beta of 0.63. The stock’s 50 day simple moving average is $194.12 and its 200-day simple moving average is $179.60. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a one year low of $135.85 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the firm earned $2.95 EPS. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm 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 annualized dividend and a yield of 3.25%. The ex-dividend date is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

About AbbVie

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.