Worth Asset Management LLC Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Worth Asset Management LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 640.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,230 shares of the company’s stock after purchasing an additional 9,714 shares during the quarter. AbbVie makes up approximately 1.2% of Worth Asset Management LLC’s holdings, making the stock its 18th largest holding. Worth Asset Management LLC’s holdings in AbbVie were worth $2,218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc boosted its stake in AbbVie by 6.6% in the 4th quarter. Bell Investment Advisors Inc now owns 2,031 shares of the company’s stock worth $315,000 after buying an additional 126 shares during the last quarter. Baird Financial Group Inc. increased its holdings in AbbVie by 0.6% during the 4th quarter. Baird Financial Group Inc. now owns 2,095,667 shares of the company’s stock worth $324,766,000 after purchasing an additional 12,389 shares during the last quarter. Buckingham Strategic Wealth LLC increased its holdings in AbbVie by 2.7% during the 4th quarter. Buckingham Strategic Wealth LLC now owns 91,743 shares of the company’s stock worth $14,217,000 after purchasing an additional 2,420 shares during the last quarter. Garden State Investment Advisory Services LLC increased its holdings in AbbVie by 4.6% during the 4th quarter. Garden State Investment Advisory Services LLC now owns 3,253 shares of the company’s stock worth $504,000 after purchasing an additional 142 shares during the last quarter. Finally, Groupama Asset Managment purchased a new stake in AbbVie during the 4th quarter worth approximately $13,572,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV opened at $194.00 on Friday. The business’s 50-day simple moving average is $193.98 and its 200 day simple moving average is $177.30. The firm has a market capitalization of $342.67 billion, a PE ratio of 64.77, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.91 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 206.67%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Morgan Stanley boosted their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.00.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

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.