Portside Wealth Group LLC Purchases 81 Shares of AbbVie Inc. (NYSE:ABBV)

Portside Wealth Group LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 14,857 shares of the company’s stock after buying an additional 81 shares during the quarter. Portside Wealth Group LLC’s holdings in AbbVie were worth $2,934,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Consolidated Planning Corp boosted its position in AbbVie by 12.8% in the third quarter. Consolidated Planning Corp now owns 2,088 shares of the company’s stock valued at $412,000 after buying an additional 237 shares during the last quarter. Global Strategic Investment Solutions LLC acquired a new stake in shares of AbbVie in the third quarter worth $257,000. Principal Financial Group Inc. raised its holdings in shares of AbbVie by 12.3% during the third quarter. Principal Financial Group Inc. now owns 2,487,363 shares of the company’s stock worth $491,204,000 after purchasing an additional 273,078 shares during the last quarter. Montecito Bank & Trust boosted its holdings in AbbVie by 25.1% in the third quarter. Montecito Bank & Trust now owns 33,075 shares of the company’s stock valued at $6,532,000 after purchasing an additional 6,639 shares during the last quarter. Finally, BNC Wealth Management LLC acquired a new stake in AbbVie during the 3rd quarter worth about $217,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on ABBV shares. Barclays upped their price objective on 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 objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Citigroup increased their price objective on shares of AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, BMO Capital Markets boosted their target price on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Four analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $202.72.

AbbVie Trading Down 0.4 %

Shares of ABBV stock opened at $200.46 on Friday. The company has a 50-day moving average of $194.41 and a two-hundred day moving average of $180.25. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32. The firm has a market cap of $354.08 billion, a PE ratio of 69.60, a price-to-earnings-growth ratio of 2.51 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The company 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 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.27%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

About AbbVie

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.