Spinnaker Investment Group LLC Grows Position in AbbVie Inc. (NYSE:ABBV)

Spinnaker Investment Group LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,731 shares of the company’s stock after buying an additional 167 shares during the quarter. Spinnaker Investment Group LLC’s holdings in AbbVie were worth $737,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ABBV. Capital International Investors grew its holdings in shares of AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares during the period. Capital Research Global Investors boosted its position in AbbVie by 3.3% in the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after purchasing an additional 992,496 shares during the last quarter. Legal & General Group Plc grew its stake in shares of AbbVie by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after purchasing an additional 134,239 shares during the period. Janus Henderson Group PLC grew its stake in shares of AbbVie by 12.8% during the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after purchasing an additional 1,240,434 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of AbbVie by 13.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,744,190 shares of the company’s stock valued at $1,956,518,000 after purchasing an additional 1,291,201 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

NYSE:ABBV opened at $164.99 on Friday. The company has a market capitalization of $291.56 billion, a P/E ratio of 57.29, a P/E/G ratio of 2.07 and a beta of 0.63. The business’s 50-day moving average is $192.04 and its 200 day moving average is $180.91. 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 Inc. has a 12 month low of $137.05 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business 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 firm earned $2.95 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.98%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 227.78%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several recent research reports. Barclays increased their price target 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. Bank of America boosted their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Sanford C. Bernstein started coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. Morgan Stanley cut their price objective on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Finally, Argus raised shares of 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, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $203.89.

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.