Prudent Investors Network Inc. Has $1.32 Million Stake in AbbVie Inc. (NYSE:ABBV)

Prudent Investors Network Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,680 shares of the company’s stock after buying an additional 750 shares during the period. AbbVie comprises 0.4% of Prudent Investors Network Inc.’s portfolio, making the stock its 21st biggest position. Prudent Investors Network Inc.’s holdings in AbbVie were worth $1,319,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the second quarter valued at approximately $27,000. Marquette Asset Management LLC bought a new position in AbbVie in the third quarter valued at approximately $39,000. Quest Partners LLC boosted its stake in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the last quarter. Finally, Burkett Financial Services LLC boosted its stake in AbbVie by 61.2% in the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. Morgan Stanley lifted their price target on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Bank of America lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, BMO Capital Markets lifted their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.72.

AbbVie Stock Performance

Shares of ABBV opened at $201.20 on Thursday. The firm has a 50-day moving average of $194.41 and a 200-day moving average of $180.25. AbbVie Inc. has a one year low of $135.85 and a one year high of $207.32. The company has a market cap of $355.39 billion, a PE ratio of 69.86, a price-to-earnings-growth ratio of 2.54 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.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the firm posted $2.95 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 10.97 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.26%. AbbVie’s payout ratio is presently 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.