Brooktree Capital Management Invests $215,000 in AbbVie Inc. (NYSE:ABBV)

Brooktree Capital Management acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 1,091 shares of the company’s stock, valued at approximately $215,000. AbbVie comprises approximately 0.2% of Brooktree Capital Management’s investment portfolio, making the stock its 25th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. China Universal Asset Management Co. Ltd. purchased a new stake in shares of AbbVie during the 1st quarter valued at $646,000. Quent Capital LLC raised its position in AbbVie by 3.3% during the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares in the last quarter. Brighton Jones LLC lifted its stake in AbbVie by 14.2% during the first quarter. Brighton Jones LLC now owns 19,244 shares of the company’s stock worth $3,504,000 after purchasing an additional 2,387 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its holdings in shares of AbbVie by 1.4% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 25,072 shares of the company’s stock worth $4,566,000 after purchasing an additional 336 shares in the last quarter. Finally, Gratus Wealth Advisors LLC increased its position in shares of AbbVie by 2.5% during the 1st quarter. Gratus Wealth Advisors LLC now owns 7,588 shares of the company’s stock valued at $1,382,000 after purchasing an additional 187 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ABBV. Guggenheim boosted their target price 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 boosted their price objective on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. TD Cowen boosted their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.83.

AbbVie Price Performance

ABBV opened at $170.35 on Thursday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The stock has a market capitalization of $301.03 billion, a PE ratio of 59.19, a price-to-earnings-growth ratio of 2.08 and a beta of 0.63. The stock’s 50 day moving average price is $193.08 and its 200-day moving average price is $180.84. AbbVie Inc. has a 52-week low of $136.30 and a 52-week high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 244.01%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the firm earned $2.95 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

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.