AbbVie Inc. (NYSE:ABBV) Shares Bought by Legacy Capital Wealth Partners LLC

Legacy Capital Wealth Partners LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 9.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,469 shares of the company’s stock after buying an additional 371 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in AbbVie were worth $883,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. HTG Investment Advisors Inc. acquired a new position in AbbVie during the third quarter worth $207,000. Covestor Ltd raised its holdings in shares of AbbVie by 4.6% in the 3rd quarter. Covestor Ltd now owns 1,367 shares of the company’s stock valued at $270,000 after buying an additional 60 shares during the period. 17 Capital Partners LLC acquired a new position in AbbVie during the 3rd quarter worth about $212,000. RKL Wealth Management LLC boosted its holdings in AbbVie by 105.2% during the 3rd quarter. RKL Wealth Management LLC now owns 15,411 shares of the company’s stock valued at $3,043,000 after acquiring an additional 7,899 shares during the period. Finally, Carr Financial Group Corp grew its position in AbbVie by 1.1% in the 3rd quarter. Carr Financial Group Corp now owns 5,274 shares of the company’s stock valued at $1,041,000 after acquiring an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent research reports. Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Piper Sandler raised their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Citigroup upped their price objective on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Finally, Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $205.82.

AbbVie Trading Down 0.5 %

NYSE:ABBV opened at $199.50 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $207.32. The stock’s 50 day moving average price is $194.58 and its 200 day moving average price is $180.61. The company has a market capitalization of $352.54 billion, a PE ratio of 69.27, a P/E/G ratio of 2.46 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $14.28 billion. During the same period in the previous year, the business posted $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. 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 dividend yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

AbbVie Company 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.