Lifeworks Advisors LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Lifeworks Advisors LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 33,698 shares of the company’s stock after acquiring an additional 1,269 shares during the quarter. AbbVie comprises approximately 1.3% of Lifeworks Advisors LLC’s portfolio, making the stock its 15th biggest holding. Lifeworks Advisors LLC’s holdings in AbbVie were worth $6,655,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Fairway Wealth LLC bought a new position in shares of AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter worth $27,000. Quest Partners LLC raised its holdings in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the period. Marquette Asset Management LLC purchased a new position in shares of AbbVie in the third quarter valued at about $39,000. Finally, Mizuho Securities Co. Ltd. boosted its stake in shares of AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. BMO Capital Markets decreased their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Wells Fargo & Company upped 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. Finally, Bank of America lifted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $203.83.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $0.95 during trading on Thursday, reaching $169.40. 998,411 shares of the company traded hands, compared to its average volume of 5,409,884. The stock has a market cap of $299.35 billion, a P/E ratio of 59.19, a PEG ratio of 2.08 and a beta of 0.63. The firm’s fifty day simple moving average is $193.08 and its 200 day simple moving average is $180.84. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 12-month low of $136.30 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.95 earnings per share. As a group, research analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.87%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

AbbVie 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.