Peapack Gladstone Financial Corp Purchases 10,697 Shares of AbbVie Inc. (NYSE:ABBV)

Peapack Gladstone Financial Corp boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 209,463 shares of the company’s stock after buying an additional 10,697 shares during the period. Peapack Gladstone Financial Corp’s holdings in AbbVie were worth $41,364,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ABBV. Tidal Investments LLC raised its position in shares of AbbVie by 0.7% during the 3rd quarter. Tidal Investments LLC now owns 113,375 shares of the company’s stock valued at $22,389,000 after buying an additional 780 shares in the last quarter. Destination Wealth Management raised its position in AbbVie by 68.1% during the third quarter. Destination Wealth Management now owns 3,369 shares of the company’s stock valued at $665,000 after purchasing an additional 1,365 shares during the period. Wilmington Savings Fund Society FSB lifted its stake in shares of AbbVie by 157.0% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 82,223 shares of the company’s stock valued at $16,237,000 after purchasing an additional 50,231 shares during the last quarter. Arvest Bank Trust Division purchased a new position in shares of AbbVie in the 3rd quarter worth approximately $18,015,000. Finally, Sanctuary Advisors LLC increased its position in shares of AbbVie by 23.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 528,802 shares of the company’s stock valued at $104,428,000 after purchasing an additional 101,455 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

ABBV opened at $173.16 on Friday. The firm has a market capitalization of $306.00 billion, a PE ratio of 60.13, a price-to-earnings-growth ratio of 2.01 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The business’s 50-day moving average is $185.03 and its two-hundred day moving average is $182.68. AbbVie Inc. has a 1 year low of $151.29 and a 1 year high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.95 EPS. 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. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.79%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is 227.78%.

Analyst Ratings Changes

ABBV has been the subject of a number of analyst reports. Morgan Stanley lowered their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Bank of America restated a “neutral” rating and issued a $191.00 target price on shares of AbbVie in a report on Tuesday. Leerink Partners upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a report on Friday, November 22nd. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Wolfe Research assumed coverage on AbbVie in a research note on Friday, November 15th. They set an “outperform” rating and a $205.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $203.65.

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.