Wrapmanager Inc. Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Wrapmanager Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 0.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,120 shares of the company’s stock after purchasing an additional 96 shares during the quarter. Wrapmanager Inc.’s holdings in AbbVie were worth $2,393,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC purchased a new stake in AbbVie during the 2nd quarter worth about $26,000. Ridgewood Investments LLC acquired a new stake in shares of AbbVie in the 2nd quarter valued at about $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie during the 3rd quarter valued at approximately $39,000. Mizuho Securities Co. Ltd. raised its stake in AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after acquiring an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. purchased a new position in shares of AbbVie during the 3rd quarter worth approximately $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Argus upgraded AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. BMO Capital Markets reduced their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. TD Cowen raised their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. dropped their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $203.89.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $166.26 on Tuesday. AbbVie Inc. has a 12 month low of $137.14 and a 12 month high of $207.32. The stock has a market cap of $293.80 billion, a price-to-earnings ratio of 57.73, a PEG ratio of 2.01 and a beta of 0.63. The stock’s 50 day moving average price is $191.44 and its 200 day moving average price is $181.08. 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 (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 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 firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the company earned $2.95 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.95%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio 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.