Lewis Asset Management LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Lewis Asset Management LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,687 shares of the company’s stock after buying an additional 354 shares during the period. AbbVie makes up 1.5% of Lewis Asset Management LLC’s holdings, making the stock its 13th biggest position. Lewis Asset Management LLC’s holdings in AbbVie were worth $2,110,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. First Hawaiian Bank increased its holdings in shares of AbbVie by 9.0% in the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares during the last quarter. PGGM Investments increased its stake in shares of AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares during the last quarter. Foresight Capital Management Advisors Inc. acquired a new stake in shares of AbbVie in the 2nd quarter worth $1,349,000. Sumitomo Life Insurance Co. raised its holdings in shares of AbbVie by 29.6% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock worth $5,333,000 after acquiring an additional 6,161 shares during the period. Finally, Ullmann Wealth Partners Group LLC boosted its position in shares of AbbVie by 109.1% during the 3rd quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock valued at $1,249,000 after acquiring an additional 3,301 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ABBV shares. Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. UBS Group upped their price objective on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. TD Cowen upped their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.72.

AbbVie Stock Down 0.4 %

AbbVie stock opened at $200.46 on Friday. The stock’s fifty day moving average is $194.41 and its two-hundred day moving average is $180.25. The stock has a market cap of $354.08 billion, a PE ratio of 69.60, a P/E/G ratio of 2.51 and a beta of 0.63. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32. 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 results 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. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.95 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.27%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 215.28%.

AbbVie Company 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.