Smallwood Wealth Investment Management LLC Increases Holdings in AbbVie Inc. (NYSE:ABBV)

Smallwood Wealth Investment Management LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 2.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,445 shares of the company’s stock after buying an additional 61 shares during the period. Smallwood Wealth Investment Management LLC’s holdings in AbbVie were worth $483,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie in the second quarter worth about $27,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie in the third quarter worth about $39,000. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie in the first quarter worth about $37,000. Finally, Quest Partners LLC increased its stake in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.0 %

ABBV opened at $188.57 on Friday. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The stock has a market cap of $332.99 billion, a price-to-earnings ratio of 55.96, a P/E/G ratio of 2.66 and a beta of 0.63. The stock’s 50 day moving average price is $194.46 and its 200-day moving average price is $177.70. 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 (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 earnings per share. AbbVie’s revenue was up 4.3% compared to the same quarter last year. On average, equities analysts forecast that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on ABBV shares. Barclays boosted their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. TD Cowen boosted their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. UBS Group boosted their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Sanford C. Bernstein started coverage on AbbVie in a research note on Thursday. They set a “market perform” rating and a $203.00 price objective on the stock. Finally, William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.69.

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 value of $12,403,580.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

AbbVie 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.