Prestige Wealth Management Group LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Prestige Wealth Management Group LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,123 shares of the company’s stock after purchasing an additional 384 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in AbbVie were worth $814,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fairway Wealth LLC bought a new position in shares of AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter worth about $27,000. Groupama Asset Managment boosted its stake in AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after purchasing an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC purchased a new position in AbbVie during the 3rd quarter valued at about $28,000. Finally, Quest Partners LLC increased its position in shares of 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 buying an additional 207 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 0.2 %

Shares of NYSE:ABBV opened at $176.63 on Tuesday. AbbVie Inc. has a 12-month low of $150.16 and a 12-month high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock’s 50-day moving average price is $186.35 and its 200-day moving average price is $182.67. The stock has a market capitalization of $312.12 billion, a P/E ratio of 61.33, a price-to-earnings-growth ratio of 2.01 and a beta of 0.58.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (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 business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company earned $2.95 EPS. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Citigroup lowered their target price on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. JPMorgan Chase & Co. reduced their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. BMO Capital Markets lowered their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Finally, Piper Sandler boosted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $202.38.

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.