Red Door Wealth Management LLC Acquires 24,651 Shares of AbbVie Inc. (NYSE:ABBV)

Red Door Wealth Management LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 225.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 35,586 shares of the company’s stock after acquiring an additional 24,651 shares during the quarter. Red Door Wealth Management LLC’s holdings in AbbVie were worth $6,324,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Groupama Asset Managment lifted its stake in AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new position in AbbVie during the 3rd quarter worth about $28,000. Retirement Wealth Solutions LLC bought a new stake in AbbVie in the fourth quarter valued at approximately $35,000. Marquette Asset Management LLC acquired a new stake in AbbVie during the 3rd quarter valued at approximately $39,000. Finally, Mizuho Securities Co. Ltd. raised its holdings in AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ABBV shares. Morgan Stanley decreased their price objective on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective for the company in a research report on Friday, November 22nd. Truist Financial cut their target price on AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Sanford C. Bernstein began coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.50.

AbbVie Trading Up 0.7 %

NYSE ABBV opened at $170.42 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The business has a fifty day simple moving average of $175.72 and a 200 day simple moving average of $184.73. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32. The firm has a market capitalization of $301.15 billion, a P/E ratio of 59.17, a PEG ratio of 1.71 and a beta of 0.58.

AbbVie (NYSE:ABBV) last announced its 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. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the prior year, the company posted $2.95 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 10.06 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, January 15th. 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 3.85%. AbbVie’s dividend payout ratio is currently 227.78%.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

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.