Cary Street Partners Asset Management LLC Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

Cary Street Partners Asset Management LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,742 shares of the company’s stock after buying an additional 71 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in AbbVie were worth $4,886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Fairway Wealth LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at about $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at about $27,000. Marquette Asset Management LLC acquired a new position in shares of AbbVie in the 3rd quarter valued at about $39,000. Quest Partners LLC lifted its stake in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Finally, Burkett Financial Services LLC lifted its stake in shares of AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after purchasing an additional 82 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.5 %

NYSE:ABBV opened at $200.47 on Tuesday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The firm has a market capitalization of $354.10 billion, a P/E ratio of 69.61, a P/E/G ratio of 2.78 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The business has a 50 day simple moving average of $194.18 and a 200 day simple moving average of $179.85.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the firm posted $2.95 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts predict 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 given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.27%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 227.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ABBV shares. Citigroup raised their target price on AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Morgan Stanley raised their target price on AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Piper Sandler raised their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Barclays lifted their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

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.