Tower Bridge Advisors Purchases 1,900 Shares of AbbVie Inc. (NYSE:ABBV)

Tower Bridge Advisors boosted its position in AbbVie Inc. (NYSE:ABBV) by 5.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,003 shares of the company’s stock after acquiring an additional 1,900 shares during the quarter. Tower Bridge Advisors’ holdings in AbbVie were worth $7,900,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Fairway Wealth LLC bought a new position in shares of AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the second quarter valued at about $27,000. Marquette Asset Management LLC bought a new position in AbbVie in the third quarter valued at about $39,000. Mizuho Securities Co. Ltd. raised its stake in AbbVie by 100.0% during 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 in the last quarter. Finally, Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ABBV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Morgan Stanley dropped their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Citigroup cut their price objective on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

AbbVie Stock Down 2.7 %

Shares of NYSE ABBV opened at $164.99 on Friday. The company’s 50 day moving average price is $192.04 and its 200-day moving average price is $180.91. 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 Inc. has a 52-week low of $137.05 and a 52-week high of $207.32. The company has a market capitalization of $291.56 billion, a P/E ratio of 57.29, a price-to-earnings-growth ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the business earned $2.95 earnings per share. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current 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. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.98%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

About AbbVie

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.