Resurgent Financial Advisors LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Resurgent Financial Advisors LLC increased its position in AbbVie Inc. (NYSE:ABBV) by 22.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,209 shares of the company’s stock after acquiring an additional 598 shares during the quarter. Resurgent Financial Advisors LLC’s holdings in AbbVie were worth $634,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC purchased a new position in AbbVie during the 3rd quarter valued at about $28,000. Fairway Wealth LLC purchased a new position in AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC purchased a new position in AbbVie during the 2nd quarter valued at about $27,000. Marquette Asset Management LLC purchased a new position in AbbVie during the 3rd quarter valued at about $39,000. Finally, Mizuho Securities Co. Ltd. grew its holdings in AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ABBV. Bank of America lifted their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Wells Fargo & Company lifted their price target on AbbVie to $195.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Morgan Stanley dropped their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $203.50.

AbbVie Price Performance

Shares of ABBV stock opened at $176.55 on Thursday. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The business’s fifty day moving average is $187.45 and its 200 day moving average is $182.21. AbbVie Inc. has a twelve month low of $142.66 and a twelve month high of $207.32. The stock has a market cap of $311.99 billion, a price-to-earnings ratio of 61.30, a PEG ratio of 2.08 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. 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 company posted $2.95 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. 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 dividend yield of 3.72%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 227.78%.

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.