AbbVie Inc. (NYSE:ABBV) Holdings Boosted by Prudent Investors Network Inc.

Prudent Investors Network Inc. boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,680 shares of the company’s stock after purchasing an additional 750 shares during the period. AbbVie accounts for 0.4% of Prudent Investors Network Inc.’s investment portfolio, making the stock its 21st biggest holding. Prudent Investors Network Inc.’s holdings in AbbVie were worth $1,319,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. First Hawaiian Bank boosted its stake in shares of AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares during the period. PGGM Investments boosted its holdings in AbbVie by 308.1% in the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after purchasing an additional 24,756 shares in the last quarter. Foresight Capital Management Advisors Inc. bought a new stake in AbbVie in the second quarter worth $1,349,000. Sumitomo Life Insurance Co. boosted its holdings in AbbVie by 29.6% in the third quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock worth $5,333,000 after purchasing an additional 6,161 shares in the last quarter. Finally, Ullmann Wealth Partners Group LLC boosted its holdings in AbbVie by 109.1% in the third quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock worth $1,249,000 after purchasing an additional 3,301 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABBV. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Bank of America upped their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, UBS Group upped their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $202.72.

AbbVie Stock Performance

NYSE:ABBV opened at $201.20 on Thursday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $355.39 billion, a PE ratio of 69.86, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. The firm has a 50-day moving average price of $194.41 and a 200 day moving average price of $180.25.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the business posted $2.95 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 10.97 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 is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.26%. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

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.