Savvy Advisors Inc. Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Savvy Advisors Inc. boosted its position in AbbVie Inc. (NYSE:ABBV) by 60.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,588 shares of the company’s stock after purchasing an additional 3,595 shares during the period. Savvy Advisors Inc.’s holdings in AbbVie were worth $1,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the 2nd quarter worth approximately $27,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. Marquette Asset Management LLC bought a new stake in AbbVie in the 3rd quarter valued at $39,000. Finally, Burkett Financial Services LLC increased its holdings in shares of AbbVie by 61.2% in the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after purchasing an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ABBV. Barclays upped their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. BMO Capital Markets raised their price objective on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Guggenheim raised their price target on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. UBS Group raised their target price on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Morgan Stanley cut their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $205.41.

AbbVie Stock Performance

Shares of ABBV stock opened at $176.16 on Tuesday. The firm has a market cap of $311.30 billion, a P/E ratio of 60.57, a P/E/G ratio of 2.44 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.71 and a current ratio of 0.65. The firm’s 50 day moving average price is $194.14 and its 200-day moving average price is $180.83. AbbVie Inc. has a one year low of $136.30 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share 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 firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the company earned $2.95 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.72%. AbbVie’s payout ratio is 215.28%.

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.