Sitrin Capital Management LLC Invests $778,000 in AbbVie Inc. (NYSE:ABBV)

Sitrin Capital Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,942 shares of the company’s stock, valued at approximately $778,000.

Several other large investors have also added to or reduced their stakes in ABBV. Valued Wealth Advisors LLC lifted its stake in shares of AbbVie by 97.8% in the 3rd quarter. Valued Wealth Advisors LLC now owns 894 shares of the company’s stock valued at $177,000 after purchasing an additional 442 shares during the period. Laurel Wealth Planning LLC bought a new stake in shares of AbbVie during the 3rd quarter valued at $223,000. Hills Bank & Trust Co grew its position in shares of AbbVie by 2.9% in the 3rd quarter. Hills Bank & Trust Co now owns 6,046 shares of the company’s stock worth $1,194,000 after buying an additional 168 shares during the period. Focus Financial Network Inc. increased its stake in shares of AbbVie by 1.9% in the 3rd quarter. Focus Financial Network Inc. now owns 17,782 shares of the company’s stock worth $3,512,000 after acquiring an additional 325 shares in the last quarter. Finally, Principal Securities Inc. lifted its position in AbbVie by 6.7% during the 3rd quarter. Principal Securities Inc. now owns 40,442 shares of the company’s stock valued at $7,987,000 after acquiring an additional 2,522 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. 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 report on Thursday, October 17th. Morgan Stanley raised their price target on AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday. Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Sanford C. Bernstein initiated 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. Finally, Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $201.00.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $0.03 during trading on Friday, hitting $203.90. 891,149 shares of the company’s stock were exchanged, compared to its average volume of 5,312,406. The business’s 50-day simple moving average is $194.00 and its 200 day simple moving average is $179.09. The company has a market cap of $360.16 billion, a price-to-earnings ratio of 70.83, a PEG ratio of 2.76 and a beta of 0.63. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $207.32. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last posted 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 226.99%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the company posted $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts predict that AbbVie Inc. will post 10.9 EPS for the current year.

AbbVie Increases Dividend

The firm 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 dividend of $1.64 per share. This is an increase 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 3.22%. AbbVie’s dividend payout ratio is presently 215.28%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.25% of the stock is owned by company insiders.

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.