Tower Bridge Advisors Has $7.90 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Tower Bridge Advisors grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,003 shares of the company’s stock after purchasing an additional 1,900 shares during the period. Tower Bridge Advisors’ holdings in AbbVie were worth $7,900,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in ABBV. Fairway Wealth LLC acquired a new position in AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie during the second quarter valued at approximately $27,000. Marquette Asset Management LLC acquired a new position in shares of AbbVie during the third quarter worth approximately $39,000. Mizuho Securities Co. Ltd. lifted its holdings in shares of AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. Finally, Quest Partners LLC grew its position in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Barclays boosted their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Finally, Guggenheim upped their price target on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $203.89.

AbbVie Stock Performance

NYSE ABBV opened at $164.99 on Friday. The company’s 50 day simple moving average is $192.04 and its two-hundred day simple moving average is $180.91. The stock has a market capitalization of $291.56 billion, a PE ratio of 57.29, a P/E/G ratio of 2.07 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. AbbVie Inc. has a 1 year low of $137.05 and a 1 year high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the prior year, the business earned $2.95 earnings per share. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. Analysts predict that AbbVie Inc. will post 10.95 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 given a dividend of $1.64 per share. 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%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

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.