AbbVie Inc. (NYSE:ABBV) Shares Acquired by Innova Wealth Partners

Innova Wealth Partners increased its stake in AbbVie Inc. (NYSE:ABBV) by 217.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,787 shares of the company’s stock after purchasing an additional 3,281 shares during the period. Innova Wealth Partners’ holdings in AbbVie were worth $851,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. International Assets Investment Management LLC increased its position in AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after acquiring an additional 4,471,806 shares during the period. State Street Corp increased its holdings in shares of AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of AbbVie by 59.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,096,858 shares of the company’s stock valued at $414,088,000 after purchasing an additional 781,858 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in AbbVie by 7.6% in the second quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock worth $1,516,358,000 after purchasing an additional 623,569 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after purchasing an additional 582,953 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 0.3 %

Shares of NYSE ABBV opened at $179.59 on Wednesday. The business has a 50 day simple moving average of $180.00 and a 200 day simple moving average of $184.42. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32. The stock has a market cap of $317.36 billion, a price-to-earnings ratio of 62.36, a PEG ratio of 1.92 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $14.28 billion. During the same period last year, the business earned $2.95 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on ABBV. UBS Group boosted their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a report on Thursday, December 5th. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. BMO Capital Markets dropped their price objective on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. decreased their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research note on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.70.

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.