Destination Wealth Management Buys 1,365 Shares of AbbVie Inc. (NYSE:ABBV)

Destination Wealth Management grew its stake in AbbVie Inc. (NYSE:ABBV) by 68.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,369 shares of the company’s stock after acquiring an additional 1,365 shares during the quarter. Destination Wealth Management’s holdings in AbbVie were worth $665,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Fairway Wealth LLC acquired a new stake in AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the 2nd quarter valued at $27,000. Groupama Asset Managment raised its stake in AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after buying an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in AbbVie in the third quarter valued at about $28,000. Finally, Quest Partners LLC increased its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Bank of America reiterated a “neutral” rating and issued a $191.00 price objective on shares of AbbVie in a research report on Tuesday. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Finally, Wolfe Research started coverage on AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target on the stock. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $203.65.

AbbVie Trading Down 0.7 %

Shares of NYSE:ABBV opened at $173.16 on Friday. 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 quick ratio of 0.54 and a current ratio of 0.65. The company has a market capitalization of $306.00 billion, a P/E ratio of 60.13, a price-to-earnings-growth ratio of 2.01 and a beta of 0.58. The company has a 50-day simple moving average of $185.03 and a 200 day simple moving average of $182.68.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period in the previous year, the firm earned $2.95 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

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.