Mengis Capital Management Inc. Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Mengis Capital Management Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,023 shares of the company’s stock after buying an additional 115 shares during the period. Mengis Capital Management Inc.’s holdings in AbbVie were worth $1,782,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new stake in AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the 2nd quarter valued at $27,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the 3rd quarter valued at $39,000. Quest Partners LLC boosted its position in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. Finally, Burkett Financial Services LLC grew its stake in AbbVie by 61.2% during the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after buying an additional 82 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Down 1.9 %

Shares of ABBV opened at $171.10 on Wednesday. The company has a market capitalization of $302.36 billion, a price-to-earnings ratio of 59.41, a PEG ratio of 2.12 and a beta of 0.63. AbbVie Inc. has a 52 week low of $136.30 and a 52 week high of $207.32. The stock’s 50-day moving average price is $194.14 and its 200-day moving average price is $180.83. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping 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 244.01% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.95 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed 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. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.83%. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ABBV shares. UBS Group raised their price target on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays lifted their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Truist Financial lifted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Three equities 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $204.06.

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.