Heritage Wealth Management Inc. Has $4.79 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Heritage Wealth Management Inc. reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,278 shares of the company’s stock after selling 143 shares during the period. AbbVie accounts for 1.6% of Heritage Wealth Management Inc.’s portfolio, making the stock its 9th biggest holding. Heritage Wealth Management Inc.’s holdings in AbbVie were worth $4,794,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fairway Wealth LLC bought a new stake in AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the 2nd quarter worth about $27,000. Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new position in AbbVie in the third quarter worth about $39,000. Finally, Burkett Financial Services LLC raised its position in AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after purchasing an additional 82 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Up 0.2 %

Shares of NYSE ABBV traded up $0.44 during trading on Friday, hitting $200.95. 180,698 shares of the company were exchanged, compared to its average volume of 5,301,241. 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 12-month low of $135.85 and a 12-month high of $207.32. The company has a fifty day moving average price of $194.41 and a 200-day moving average price of $180.25. The firm has a market capitalization of $354.95 billion, a PE ratio of 69.60, a P/E/G ratio of 2.51 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.95 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ABBV. Guggenheim increased their price target on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley increased their target price on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. Piper Sandler raised their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Truist Financial raised their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $202.72.

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.