Baker Avenue Asset Management LP Has $21.76 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Baker Avenue Asset Management LP grew its stake in AbbVie Inc. (NYSE:ABBV) by 8.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,164 shares of the company’s stock after buying an additional 8,878 shares during the quarter. AbbVie accounts for about 0.7% of Baker Avenue Asset Management LP’s investment portfolio, making the stock its 29th biggest holding. Baker Avenue Asset Management LP’s holdings in AbbVie were worth $21,755,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in ABBV. Fairway Wealth LLC bought a new position in AbbVie during the 2nd quarter worth about $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the second quarter worth about $27,000. Quest Partners LLC raised its position 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 buying an additional 207 shares during the last quarter. Marquette Asset Management LLC bought a new stake in AbbVie in the 3rd quarter valued at approximately $39,000. Finally, Burkett Financial Services LLC boosted its position 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 acquiring an additional 82 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.5 %

Shares of ABBV stock opened at $199.50 on Friday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The company has a market capitalization of $352.54 billion, a PE ratio of 69.27, a price-to-earnings-growth ratio of 2.46 and a beta of 0.63. The firm has a 50 day moving average price of $194.58 and a two-hundred day moving average price of $180.61. The company has a quick ratio of 0.71, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the company posted $2.95 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, analysts predict that AbbVie Inc. will post 10.96 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid 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 annualized dividend and a yield of 3.29%. AbbVie’s payout ratio is 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent research reports. 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 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Citigroup raised their price objective on AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Guggenheim upped their target price on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, BMO Capital Markets raised their price target on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.82.

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.