1776 Wealth LLC Purchases New Position in AbbVie Inc. (NYSE:ABBV)

1776 Wealth LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 1,226 shares of the company’s stock, valued at approximately $242,000.

Other hedge funds have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. purchased a new stake in shares of AbbVie in the first quarter worth $646,000. Quent Capital LLC increased its stake in shares of AbbVie by 3.3% in the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after purchasing an additional 283 shares in the last quarter. Strait & Sound Wealth Management LLC increased its stake in shares of AbbVie by 1.0% in the first quarter. Strait & Sound Wealth Management LLC now owns 9,267 shares of the company’s stock worth $1,552,000 after purchasing an additional 94 shares in the last quarter. Jacobi Capital Management LLC increased its stake in shares of AbbVie by 2.1% in the first quarter. Jacobi Capital Management LLC now owns 32,430 shares of the company’s stock worth $5,906,000 after purchasing an additional 669 shares in the last quarter. Finally, Northern Capital Management Inc. increased its stake in shares of AbbVie by 6.7% in the first quarter. Northern Capital Management Inc. now owns 1,711 shares of the company’s stock worth $312,000 after purchasing an additional 107 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 2.7 %

ABBV stock traded down $4.64 during trading on Friday, hitting $164.99. The company had a trading volume of 11,265,398 shares, compared to its average volume of 5,469,640. The firm has a market capitalization of $291.56 billion, a P/E ratio of 57.26, a PEG ratio of 2.07 and a beta of 0.63. AbbVie Inc. has a 52-week low of $137.05 and a 52-week high of $207.32. The company has a 50 day simple moving average of $192.04 and a 200-day simple moving average of $180.78. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping 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 was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.95 EPS. As a group, research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is an increase 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 dividend on an annualized basis and a yield of 3.98%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Citigroup cut their target price on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday. Morgan Stanley cut their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Three investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $203.89.

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.