Legacy Wealth Management LLC MS Purchases Shares of 1,623 AbbVie Inc. (NYSE:ABBV)

Legacy Wealth Management LLC MS purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,623 shares of the company’s stock, valued at approximately $321,000.

A number of other hedge funds have also bought and sold shares of the stock. Fairway Wealth LLC purchased a new stake in AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the second quarter worth $27,000. Groupama Asset Managment boosted its holdings in AbbVie by 40.3% during the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after buying an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new position in AbbVie during the third quarter worth $28,000. Finally, Quest Partners LLC raised its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $1.41 on Friday, hitting $174.60. The company had a trading volume of 792,517 shares, compared to its average volume of 5,513,359. 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 company has a market cap of $308.54 billion, a PE ratio of 60.17, a PEG ratio of 1.92 and a beta of 0.58. AbbVie Inc. has a 52-week low of $151.29 and a 52-week high of $207.32. The business has a 50 day moving average of $185.03 and a 200 day moving average of $182.68.

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 for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.95 EPS. As a group, equities analysts anticipate that AbbVie Inc. will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.76%. AbbVie’s payout ratio is 215.28%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ABBV shares. Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Daiwa Capital Markets downgraded shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price target for the company. in a research note on Thursday, December 5th. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Sanford C. Bernstein started coverage on shares of AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $203.65.

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.