AbbVie Inc. (NYSE:ABBV) Shares Acquired by Klingman & Associates LLC

Klingman & Associates LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 35.7% in the third quarter, HoldingsChannel.com reports. The fund owned 11,665 shares of the company’s stock after purchasing an additional 3,069 shares during the quarter. Klingman & Associates LLC’s holdings in AbbVie were worth $2,304,000 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 the company. Fairway Wealth LLC purchased a new position in AbbVie during the second quarter worth about $26,000. Ridgewood Investments LLC acquired a new position in AbbVie during the second quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the 3rd quarter valued at $39,000. Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the period. Finally, Burkett Financial Services LLC grew its position in AbbVie by 61.2% during 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 period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Bank of America lifted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Barclays lifted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Guggenheim boosted their price objective on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.72.

AbbVie Trading Down 0.5 %

NYSE:ABBV opened at $199.57 on Friday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month 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. The business has a 50 day simple moving average of $194.58 and a 200 day simple moving average of $180.61. The firm has a market capitalization of $352.67 billion, a P/E ratio of 69.30, a P/E/G ratio of 2.51 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.95 earnings per share. Equities research analysts predict that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.29%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 227.78%.

AbbVie 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.