Novare Capital Management LLC Has $10.34 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Novare Capital Management LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 10.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,192 shares of the company’s stock after purchasing an additional 5,341 shares during the period. Novare Capital Management LLC’s holdings in AbbVie were worth $10,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ascent Group LLC raised its stake in shares of AbbVie by 4.5% in the 2nd quarter. Ascent Group LLC now owns 25,778 shares of the company’s stock valued at $4,421,000 after acquiring an additional 1,102 shares in the last quarter. Annandale Capital LLC grew its holdings in AbbVie by 686.6% during the second quarter. Annandale Capital LLC now owns 29,106 shares of the company’s stock valued at $4,992,000 after purchasing an additional 25,406 shares during the last quarter. Copperwynd Financial LLC raised its position in shares of AbbVie by 29.5% in the second quarter. Copperwynd Financial LLC now owns 1,562 shares of the company’s stock valued at $289,000 after purchasing an additional 356 shares during the period. Magnolia Capital Advisors LLC lifted its stake in shares of AbbVie by 89.5% in the second quarter. Magnolia Capital Advisors LLC now owns 9,256 shares of the company’s stock worth $1,588,000 after buying an additional 4,371 shares during the last quarter. Finally, Silver Lake Advisory LLC boosted its holdings in shares of AbbVie by 2.6% during the 2nd quarter. Silver Lake Advisory LLC now owns 57,427 shares of the company’s stock worth $9,850,000 after buying an additional 1,456 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV stock opened at $170.05 on Monday. The stock’s fifty day simple moving average is $175.84 and its 200 day simple moving average is $184.77. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32. The firm has a market cap of $300.51 billion, a price-to-earnings ratio of 59.05, a P/E/G ratio of 1.68 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.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.95 EPS. On average, analysts expect that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders 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. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.86%. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a research report on Thursday, December 5th. Guggenheim boosted their price objective on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Bank of America reaffirmed a “neutral” rating and issued a $191.00 target price on shares of AbbVie in a report on Tuesday, December 10th. Piper Sandler Companies reiterated an “overweight” rating and set a $220.00 price target on shares of AbbVie in a report on Tuesday, December 17th. Finally, Wolfe Research initiated coverage on shares of AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective on the stock. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $205.50.

Insider Activity

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

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.