Peterson Financial Group Inc. Takes Position in AbbVie Inc. (NYSE:ABBV)

Peterson Financial Group Inc. acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 390 shares of the company’s stock, valued at approximately $77,000.

Several other hedge funds have also recently made changes to their positions in the stock. Saturna Capital Corp increased its holdings in AbbVie by 486.1% during the third quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after buying an additional 560,808 shares during the last quarter. First Hawaiian Bank increased its holdings in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares during the last quarter. PGGM Investments increased its holdings in AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after buying an additional 24,756 shares during the last quarter. Schrum Private Wealth Management LLC increased its holdings in AbbVie by 57.5% during the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company’s stock valued at $3,282,000 after buying an additional 6,065 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in AbbVie by 8.3% during the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company’s stock valued at $15,377,000 after buying an additional 5,993 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Wells Fargo & Company upped their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. TD Cowen upped their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Wolfe Research started coverage on shares of AbbVie in a research report on Friday. They issued an “outperform” rating and a $205.00 price target for the company. Finally, Guggenheim upped their price target on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $164.99 on Friday. 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 firm has a fifty day moving average price of $192.04 and a 200 day moving average price of $180.91. AbbVie Inc. has a fifty-two week low of $137.05 and a fifty-two week high of $207.32. The firm has a market cap of $291.56 billion, a price-to-earnings ratio of 57.29, a P/E/G ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the business earned $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc. will post 10.95 earnings per share 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. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.98%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 227.78%.

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.