Copley Financial Group Inc. Invests $489,000 in AbbVie Inc. (NYSE:ABBV)

Copley Financial Group Inc. bought a new stake in AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,475 shares of the company’s stock, valued at approximately $489,000.

A number of other large investors have also added to or reduced their stakes in ABBV. Oddo BHF Asset Management Sas acquired a new position in AbbVie in the third quarter worth about $4,768,000. Beaird Harris Wealth Management LLC grew its holdings in shares of AbbVie by 32.8% during the third quarter. Beaird Harris Wealth Management LLC now owns 2,732 shares of the company’s stock valued at $539,000 after purchasing an additional 675 shares during the last quarter. American Trust raised its position in shares of AbbVie by 3.4% during the 3rd quarter. American Trust now owns 6,691 shares of the company’s stock worth $1,321,000 after purchasing an additional 223 shares during the period. Old North State Trust LLC boosted its holdings in shares of AbbVie by 1.3% during the third quarter. Old North State Trust LLC now owns 7,432 shares of the company’s stock valued at $1,468,000 after acquiring an additional 95 shares during the period. Finally, Peapack Gladstone Financial Corp boosted its stake in AbbVie by 5.4% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 209,463 shares of the company’s stock valued at $41,364,000 after purchasing an additional 10,697 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

AbbVie stock traded down $0.64 on Friday, reaching $172.55. 346,550 shares of the stock were exchanged, compared to its average volume of 5,511,166. The stock has a market cap of $304.92 billion, a PE ratio of 60.13, a PEG ratio of 1.92 and a beta of 0.58. The firm has a fifty day moving average price of $185.03 and a two-hundred day moving average price of $182.68. AbbVie Inc. has a twelve month low of $151.29 and a twelve month high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $2.95 earnings per share. Sell-side analysts anticipate that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.80%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ABBV shares. Citigroup lowered their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. BMO Capital Markets cut their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. UBS Group upped their target price on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Truist Financial upped their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $203.65.

AbbVie Company 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.