AbbVie Inc. (NYSE:ABBV) is Miramar Capital LLC’s 2nd Largest Position

Miramar Capital LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,781 shares of the company’s stock after selling 1,060 shares during the period. AbbVie comprises about 4.7% of Miramar Capital LLC’s holdings, making the stock its 2nd biggest position. Miramar Capital LLC’s holdings in AbbVie were worth $20,100,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Seelaus Asset Management LLC lifted its stake in AbbVie by 1.6% in the 3rd quarter. Seelaus Asset Management LLC now owns 4,382 shares of the company’s stock valued at $865,000 after buying an additional 70 shares in the last quarter. Northcape Wealth Management LLC boosted its position in shares of AbbVie by 7.6% in the third quarter. Northcape Wealth Management LLC now owns 12,682 shares of the company’s stock worth $2,504,000 after acquiring an additional 900 shares during the last quarter. Simplify Asset Management Inc. purchased a new stake in shares of AbbVie during the 3rd quarter valued at $9,331,000. KCM Investment Advisors LLC grew its position in AbbVie by 1.3% during the third quarter. KCM Investment Advisors LLC now owns 78,792 shares of the company’s stock valued at $15,560,000 after acquiring an additional 981 shares during the period. Finally, Empirical Finance LLC grew its holdings in shares of AbbVie by 2.2% during the 3rd quarter. Empirical Finance LLC now owns 60,938 shares of the company’s stock worth $12,034,000 after purchasing an additional 1,303 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ABBV. TD Cowen upped their price target on shares of 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 boosted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, Guggenheim increased their price objective on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $203.89.

AbbVie Trading Down 2.8 %

Shares of ABBV opened at $164.91 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $291.42 billion, a P/E ratio of 57.26, a P/E/G ratio of 2.07 and a beta of 0.63. AbbVie Inc. has a 1-year low of $137.05 and a 1-year high of $207.32. The business’s 50-day moving average price is $192.04 and its 200 day moving average price is $180.78.

AbbVie (NYSE:ABBV) last released its 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 company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.95 earnings per share. Analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.98%. AbbVie’s dividend payout ratio is currently 215.28%.

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.