Advisors Management Group Inc. ADV Buys New Stake in AbbVie Inc. (NYSE:ABBV)

Advisors Management Group Inc. ADV acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,058 shares of the company’s stock, valued at approximately $209,000.

Several other large investors also recently bought and sold shares of the stock. Advisor Resource Council acquired a new position in AbbVie in the third quarter valued at $735,000. Graypoint LLC boosted its stake in AbbVie by 10.9% in the third quarter. Graypoint LLC now owns 17,520 shares of the company’s stock valued at $3,460,000 after acquiring an additional 1,720 shares in the last quarter. Prudent Investors Network Inc. boosted its stake in AbbVie by 12.6% in the third quarter. Prudent Investors Network Inc. now owns 6,680 shares of the company’s stock valued at $1,319,000 after acquiring an additional 750 shares in the last quarter. Dechtman Wealth Management LLC boosted its stake in AbbVie by 9.8% in the third quarter. Dechtman Wealth Management LLC now owns 4,370 shares of the company’s stock valued at $863,000 after acquiring an additional 389 shares in the last quarter. Finally, Consilium Wealth Advisory LLC boosted its stake in AbbVie by 270.1% in the third quarter. Consilium Wealth Advisory LLC now owns 7,401 shares of the company’s stock valued at $1,462,000 after acquiring an additional 5,401 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 0.2 %

Shares of AbbVie stock opened at $201.20 on Thursday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock has a market cap of $355.39 billion, a PE ratio of 69.86, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. The company has a 50-day moving average of $194.41 and a two-hundred day moving average of $180.25.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the company posted $2.95 earnings per share. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.26%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ABBV shares. BMO Capital Markets upped their price objective on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Wells Fargo & Company increased their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently 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.