BIP Wealth LLC Purchases 595 Shares of AbbVie Inc. (NYSE:ABBV)

BIP Wealth LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 25.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,894 shares of the company’s stock after buying an additional 595 shares during the period. BIP Wealth LLC’s holdings in AbbVie were worth $572,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prospera Financial Services Inc increased its stake in AbbVie by 1.0% in the 3rd quarter. Prospera Financial Services Inc now owns 72,554 shares of the company’s stock worth $14,337,000 after acquiring an additional 706 shares during the last quarter. Verity & Verity LLC grew its holdings in shares of AbbVie by 0.7% during the third quarter. Verity & Verity LLC now owns 163,308 shares of the company’s stock worth $32,250,000 after purchasing an additional 1,131 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of AbbVie by 61.8% in the third quarter. Meeder Asset Management Inc. now owns 182,210 shares of the company’s stock worth $35,983,000 after purchasing an additional 69,593 shares during the last quarter. Belmont Capital LLC raised its stake in AbbVie by 7.7% in the third quarter. Belmont Capital LLC now owns 6,741 shares of the company’s stock valued at $1,331,000 after purchasing an additional 481 shares in the last quarter. Finally, Caprock Group LLC lifted its position in AbbVie by 10.0% during the third quarter. Caprock Group LLC now owns 41,197 shares of the company’s stock valued at $8,136,000 after purchasing an additional 3,747 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.2 %

Shares of ABBV opened at $166.58 on Wednesday. AbbVie Inc. has a 1-year low of $137.14 and a 1-year high of $207.32. The firm has a market capitalization of $294.37 billion, a price-to-earnings ratio of 57.84, a PEG ratio of 2.01 and a beta of 0.63. The firm’s 50-day moving average price is $190.79 and its 200-day moving average price is $181.10. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.95 EPS. Sell-side analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 215.28%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. UBS Group raised their price target on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Piper Sandler raised their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, TD Cowen upped their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.37.

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.