1,623 Shares in AbbVie Inc. (NYSE:ABBV) Purchased by Legacy Wealth Management LLC MS

Legacy Wealth Management LLC MS purchased a new position in AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,623 shares of the company’s stock, valued at approximately $321,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Brookstone Capital Management boosted its position in shares of AbbVie by 6.2% during the 2nd quarter. Brookstone Capital Management now owns 88,188 shares of the company’s stock valued at $15,457,000 after acquiring an additional 5,175 shares during the last quarter. Gradient Investments LLC grew its stake in shares of AbbVie by 1.4% in the 2nd quarter. Gradient Investments LLC now owns 95,207 shares of the company’s stock worth $16,330,000 after buying an additional 1,320 shares in the last quarter. Foster Victor Wealth Advisors LLC increased its holdings in shares of AbbVie by 13.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 2,312 shares of the company’s stock worth $391,000 after buying an additional 273 shares during the last quarter. World Equity Group Inc. raised its position in shares of AbbVie by 5.3% during the 2nd quarter. World Equity Group Inc. now owns 8,096 shares of the company’s stock valued at $1,388,000 after buying an additional 409 shares in the last quarter. Finally, Everpar Advisors LLC grew its position in AbbVie by 5.5% in the second quarter. Everpar Advisors LLC now owns 4,718 shares of the company’s stock worth $809,000 after acquiring an additional 246 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 0.8 %

Shares of NYSE:ABBV traded up $1.41 during trading hours on Friday, hitting $174.60. The company’s stock had a trading volume of 792,517 shares, compared to its average volume of 5,513,359. AbbVie Inc. has a 52 week low of $151.29 and a 52 week high of $207.32. 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 company has a market capitalization of $308.54 billion, a price-to-earnings ratio of 60.17, a P/E/G ratio of 1.92 and a beta of 0.58. The firm’s fifty day moving average price is $185.03 and its 200 day moving average price is $182.68.

AbbVie (NYSE:ABBV) last posted its quarterly 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 business 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%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.95 EPS. As a group, research analysts expect that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed 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 dividend yield of 3.76%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 215.28%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ABBV. Piper Sandler raised their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price on the stock in a research note on Friday, November 22nd. Barclays lifted their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $203.65.

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.