AbbVie Inc. (NYSE:ABBV) Stock Position Raised by Pacific Wealth Strategies Group Inc.

Pacific Wealth Strategies Group Inc. lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,402 shares of the company’s stock after acquiring an additional 147 shares during the quarter. Pacific Wealth Strategies Group Inc.’s holdings in AbbVie were worth $1,014,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OLD Mission Capital LLC acquired a new stake in shares of AbbVie in the third quarter worth $242,000. Camden National Bank boosted its position in shares of AbbVie by 2.3% in the fourth quarter. Camden National Bank now owns 10,924 shares of the company’s stock worth $1,171,000 after buying an additional 245 shares during the period. Davidson Kempner Capital Management LP boosted its position in shares of AbbVie by 48.2% in the first quarter. Davidson Kempner Capital Management LP now owns 650,862 shares of the company’s stock worth $70,436,000 after buying an additional 211,557 shares during the period. Colony Group LLC boosted its position in shares of AbbVie by 4.8% in the first quarter. Colony Group LLC now owns 33,611 shares of the company’s stock worth $3,637,000 after buying an additional 1,547 shares during the period. Finally, Tectonic Advisors LLC boosted its position in shares of AbbVie by 31.4% in the first quarter. Tectonic Advisors LLC now owns 2,452 shares of the company’s stock worth $266,000 after buying an additional 586 shares during the period. 65.86% of the stock is owned by institutional investors and hedge funds.

In other news, Director Roxanne S. Austin sold 51,844 shares of AbbVie stock in a transaction dated Tuesday, November 2nd. The stock was sold at an average price of $116.38, for a total value of $6,033,604.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.09% of the company’s stock.

ABBV has been the subject of several recent research reports. Truist Securities increased their price objective on AbbVie from $118.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays increased their price objective on AbbVie from $112.00 to $118.00 and gave the stock an “equal weight” rating in a report on Monday, November 1st. Mizuho increased their price objective on AbbVie from $128.00 to $131.00 and gave the stock a “buy” rating in a report on Monday, August 2nd. Argus increased their price objective on AbbVie from $130.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, August 5th. Finally, Piper Sandler increased their price objective on AbbVie from $124.00 to $129.00 and gave the stock an “overweight” rating in a report on Friday, October 29th. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $129.58.

NYSE ABBV traded down $0.22 during trading on Thursday, hitting $118.66. 5,792,843 shares of the company traded hands, compared to its average volume of 6,833,980. AbbVie Inc. has a 12 month low of $101.55 and a 12 month high of $121.53. The business has a fifty day simple moving average of $111.61 and a 200 day simple moving average of $113.90. The company has a current ratio of 1.01, a quick ratio of 0.91 and a debt-to-equity ratio of 5.45. The company has a market capitalization of $209.69 billion, a P/E ratio of 28.25, a PEG ratio of 2.46 and a beta of 0.83.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, October 28th. The company reported $3.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.22 by $0.11. AbbVie had a return on equity of 166.05% and a net margin of 13.66%. The company had revenue of $14.34 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same period last year, the company earned $2.83 earnings per share. The business’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 12.69 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 15th. Stockholders of record on Friday, January 14th will be paid a $1.41 dividend. The ex-dividend date of this dividend is Thursday, January 13th. This is a positive change from AbbVie’s previous quarterly dividend of $1.30. This represents a $5.64 dividend on an annualized basis and a dividend yield of 4.75%. AbbVie’s payout ratio is presently 123.81%.

AbbVie Profile

AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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