Shum Financial Group Inc. Buys Shares of 5,510 AbbVie Inc. (NYSE:ABBV)

Shum Financial Group Inc. purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,510 shares of the company’s stock, valued at approximately $1,111,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fairway Wealth LLC acquired a new stake in shares of AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter worth approximately $27,000. Quest Partners LLC lifted its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new position in AbbVie in the 3rd quarter valued at approximately $39,000. Finally, Mizuho Securities Co. Ltd. grew its stake in shares of AbbVie by 100.0% in 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. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of ABBV traded up $1.18 during midday trading on Tuesday, reaching $178.24. 1,089,575 shares of the stock were exchanged, compared to its average volume of 5,530,221. The company has a market capitalization of $314.98 billion, a price-to-earnings ratio of 61.48, a PEG ratio of 2.16 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. AbbVie Inc. has a twelve month low of $137.65 and a twelve month high of $207.32. The business’s 50-day moving average price is $189.09 and its 200 day moving average price is $181.44.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed 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. This represents a $6.56 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday. Sanford C. Bernstein began coverage on AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Guggenheim boosted their price objective on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Barclays upped their target price 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. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $203.50.

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.