Ritholtz Wealth Management lifted its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 23.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,877 shares of the company’s stock after purchasing an additional 11,390 shares during the quarter. Ritholtz Wealth Management’s holdings in AbbVie were worth $15,925,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. Burk Holdings LLC bought a new stake in AbbVie in the 2nd quarter valued at $30,000. Marquette Asset Management LLC lifted its holdings in shares of AbbVie by 52.2% during the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after acquiring an additional 48 shares during the period. Principia Wealth Advisory LLC lifted its holdings in shares of AbbVie by 38.9% during the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock worth $40,000 after acquiring an additional 44 shares during the period. IMG Wealth Management Inc. boosted its position in shares of AbbVie by 3,060.0% during the 2nd quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after acquiring an additional 153 shares in the last quarter. Finally, Tacita Capital Inc acquired a new stake in shares of AbbVie during the 2nd quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the sale, the executive vice president owned 74,430 shares of the company’s stock, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company’s stock.
AbbVie Stock Performance
Shares of NYSE:ABBV opened at $294.93 on Thursday. The company’s fifty day moving average is $274.15 and its 200-day moving average is $240.18. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $302.93. The company has a market capitalization of $521.33 billion, a PE ratio of 50.76, a P/E/G ratio of 1.34 and a beta of 0.20.
AbbVie (NYSE:ABBV – Get Free Report) last announced its earnings results on Friday, October 30th. The company reported $3.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.73 by $0.09. The business had revenue of $17.40 billion during the quarter, compared to analysts’ expectations of $17.32 billion. AbbVie had a net margin of 15.67% and a negative return on equity of 450.55%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $1.86 EPS. On average, analysts forecast that AbbVie Inc. will post 13.98 EPS for the current year.
AbbVie Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be paid a dividend of $1.82 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, January 15th. AbbVie’s payout ratio is currently 119.10%.
Analysts Set New Price Targets
ABBV has been the topic of a number of analyst reports. BMO Capital Markets set a $315.00 target price on shares of AbbVie in a research note on Wednesday, November 4th. Argus raised their price target on shares of AbbVie from $250.00 to $270.00 in a research note on Tuesday, August 4th. Guggenheim lifted their price objective on AbbVie from $288.00 to $322.00 and gave the company a “buy” rating in a report on Monday, November 2nd. Canaccord Genuity Group lifted their price objective on AbbVie from $290.00 to $338.00 and gave the company a “buy” rating in a report on Monday, November 2nd. Finally, Citigroup upped their price objective on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $297.46.
View Our Latest Report on ABBV
AbbVie Company Profile
AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas. Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.
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