AbbVie Inc. (NYSE:ABBV) Shares Purchased by Truvestments Capital LLC

Truvestments Capital LLC raised its holdings in AbbVie Inc. (NYSE:ABBV) by 10.5% during the third quarter, Holdings Channel.com reports. The firm owned 21,821 shares of the company’s stock after purchasing an additional 2,082 shares during the quarter. AbbVie makes up 1.2% of Truvestments Capital LLC’s investment portfolio, making the stock its 11th largest position. Truvestments Capital LLC’s holdings in AbbVie were worth $4,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new position in AbbVie during the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $27,000. Quest Partners LLC grew its holdings in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the period. Marquette Asset Management LLC acquired a new stake in shares of AbbVie in the 3rd quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. increased its stake in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research analyst reports. Sanford C. Bernstein initiated coverage on AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Guggenheim raised their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. BMO Capital Markets reduced their price target on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. UBS Group raised their price objective on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Leerink Partners upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective for the company in a research report on Friday. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie Price Performance

AbbVie stock opened at $176.95 on Monday. The firm has a fifty day moving average of $189.47 and a 200-day moving average of $181.32. AbbVie Inc. has a 52-week low of $137.65 and a 52-week high of $207.32. 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 firm has a market capitalization of $312.70 billion, a P/E ratio of 61.44, a PEG ratio of 2.16 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced 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 firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the firm earned $2.95 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, analysts predict that AbbVie Inc. will post 10.95 EPS for the current 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 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 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

AbbVie Company 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.