AbbVie Inc. (NYSE:ABBV) Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario increased its stake in AbbVie Inc. (NYSE:ABBV) by 38.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,995 shares of the company’s stock after buying an additional 29,871 shares during the period. Investment Management Corp of Ontario’s holdings in AbbVie were worth $21,327,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new position in AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the 2nd quarter valued at approximately $27,000. RPg Family Wealth Advisory LLC acquired a new position in shares of AbbVie during the 3rd quarter worth approximately $28,000. Quest Partners LLC boosted its stake in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the period. Finally, Marquette Asset Management LLC acquired a new position in shares of AbbVie during the 3rd quarter worth $39,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.2 %

Shares of NYSE:ABBV opened at $181.40 on Tuesday. AbbVie Inc. has a twelve month low of $142.66 and a twelve month high of $207.32. The company has a 50 day moving average of $187.99 and a 200-day moving average of $182.14. 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 firm has a market cap of $320.56 billion, a P/E ratio of 63.11, a P/E/G ratio of 2.09 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share 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 net margin of 9.22% and a return on equity of 244.01%. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm earned $2.95 EPS. As a group, analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced 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. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.62%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 215.28%.

Analysts Set New Price Targets

Several brokerages have recently commented on ABBV. JPMorgan Chase & Co. lowered their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company boosted their target price on AbbVie to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $203.50.

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.