Kestra Advisory Services LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 10.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 472,246 shares of the company’s stock after acquiring an additional 45,568 shares during the quarter. Kestra Advisory Services LLC’s holdings in AbbVie were worth $123,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. REAP Financial Group LLC increased its position in shares of AbbVie by 10.6% in the third quarter. REAP Financial Group LLC now owns 2,232 shares of the company’s stock worth $584,000 after purchasing an additional 214 shares during the last quarter. Telos Capital Management Inc. lifted its position in AbbVie by 2.1% during the third quarter. Telos Capital Management Inc. now owns 18,768 shares of the company’s stock valued at $4,910,000 after purchasing an additional 388 shares during the last quarter. Quest 10 Wealth Builders Inc. lifted its position in AbbVie by 6.1% during the third quarter. Quest 10 Wealth Builders Inc. now owns 1,438 shares of the company’s stock valued at $376,000 after purchasing an additional 83 shares during the last quarter. Wealth Dimensions Group Ltd. grew its stake in AbbVie by 17.3% in the 3rd quarter. Wealth Dimensions Group Ltd. now owns 5,948 shares of the company’s stock worth $1,556,000 after buying an additional 878 shares in the last quarter. Finally, Schmidt P J Investment Management Inc. grew its stake in AbbVie by 3.7% in the 3rd quarter. Schmidt P J Investment Management Inc. now owns 35,215 shares of the company’s stock worth $9,212,000 after buying an additional 1,258 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the stock. Royal Bank Of Canada lifted their price objective on shares of AbbVie from $280.00 to $330.00 and gave the stock an “outperform” rating in a report on Monday. Wolfe Research raised AbbVie from a “peer perform” rating to an “outperform” rating and increased their target price for the company from $235.00 to $300.00 in a research note on Thursday, August 13th. Barclays raised their price target on AbbVie from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, October 21st. Bank of America reaffirmed a “buy” rating on shares of AbbVie in a research note on Tuesday, September 8th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $275.00 price objective on shares of AbbVie in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $297.46.
View Our Latest Research Report on AbbVie
AbbVie Stock Down 2.2%
NYSE:ABBV opened at $288.48 on Friday. The firm has a market capitalization of $509.91 billion, a P/E ratio of 49.65, a P/E/G ratio of 1.34 and a beta of 0.20. The company has a fifty day moving average of $271.31 and a 200 day moving average of $238.65. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $302.93.
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The business had revenue of $17.40 billion during the quarter, compared to analyst estimates of $17.32 billion. During the same quarter in the prior year, the company posted $1.86 EPS. AbbVie’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, analysts anticipate that AbbVie Inc. will post 13.99 EPS for the current year.
AbbVie Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 annualized dividend and a dividend yield of 2.5%. AbbVie’s dividend payout ratio (DPR) is 119.10%.
Trending Headlines about AbbVie
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: Strong results and outlook: AbbVie reported $17.4 billion in third-quarter revenue and raised its full-year adjusted earnings guidance, reinforcing its growth case. The results helped lift shares recently. Article: AbbVie Stock Climbs as Q3 Earnings Fuel Growth Case
- Positive Sentiment: Pipeline expansion: AbbVie licensed global rights to Nxera Pharma’s experimental oral IBD drug NXE0033744, agreeing to pay $100 million upfront and up to $1.37 billion in development and commercial milestones, plus royalties. The deal adds a potential new treatment to its pipeline, though it remains investigational. Article: AbbVie Pens $1.4B Deal for Deprioritized IBD Drug from Nxera
- Positive Sentiment: Constructive investor sentiment: Recent coverage highlights analyst optimism and AbbVie’s defensive appeal as technology stocks retreat; the company has also recently reached a new 52-week high. These factors may support demand, but can also leave the stock vulnerable to a pullback after a strong advance. Article: Are Wall Street Analysts Bullish on AbbVie Stock?
- Neutral Sentiment: Additional R&D investment: AbbVie plans to invest £120 million to expand its Oxford research facility, supporting longer-term drug development but requiring time to translate into commercial returns. Article: AbbVie Invests £120m in UK Expansion
- Negative Sentiment: Oncology setback: AbbVie discontinued a Phase 2 solid-tumor drug program after seeing limited benefit, a reminder that clinical development carries risk and may weigh on expectations for its pipeline. Article: AbbVie Abandons Phase 2 Solid Tumor Drug Over Limited Benefit
Insider Activity
In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. The trade was a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.
About AbbVie
AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.
The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.
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