Truvestments Capital LLC Increases Position in AbbVie Inc. (NYSE:ABBV)

Truvestments Capital LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 10.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,821 shares of the company’s stock after buying an additional 2,082 shares during the period. AbbVie comprises about 1.2% of Truvestments Capital LLC’s holdings, making the stock its 11th largest holding. Truvestments Capital LLC’s holdings in AbbVie were worth $4,309,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Brown Brothers Harriman & Co. boosted its stake in shares of AbbVie by 2.5% in the third quarter. Brown Brothers Harriman & Co. now owns 88,786 shares of the company’s stock valued at $17,533,000 after purchasing an additional 2,182 shares during the period. Harvest Fund Management Co. Ltd boosted its position in AbbVie by 19.3% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 23,011 shares of the company’s stock valued at $4,541,000 after buying an additional 3,729 shares during the period. Douglass Winthrop Advisors LLC boosted its position in AbbVie by 3.1% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 42,638 shares of the company’s stock valued at $8,420,000 after buying an additional 1,274 shares during the period. Daiwa Securities Group Inc. increased its position in shares of AbbVie by 10.5% during the third quarter. Daiwa Securities Group Inc. now owns 224,822 shares of the company’s stock worth $44,398,000 after acquiring an additional 21,329 shares during the period. Finally, Summit Trail Advisors LLC raised its stake in shares of AbbVie by 18.8% in the third quarter. Summit Trail Advisors LLC now owns 24,423 shares of the company’s stock valued at $4,823,000 after acquiring an additional 3,865 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 3.0 %

Shares of NYSE:ABBV opened at $176.95 on Monday. AbbVie Inc. has a 1-year low of $137.65 and a 1-year high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The stock has a market cap of $312.70 billion, a P/E ratio of 61.44, a P/E/G ratio of 2.16 and a beta of 0.63. The firm has a fifty day moving average price of $189.47 and a 200 day moving average price of $181.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) 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 analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $2.95 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 10.95 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 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 3.71%. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ABBV shares. Wells Fargo & Company boosted their target price on AbbVie to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. BMO Capital Markets cut their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a research report on Friday. Finally, Barclays lifted 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. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $203.50.

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.