Drive Wealth Management LLC Acquires 107 Shares of AbbVie Inc. (NYSE:ABBV)

Drive Wealth Management LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 1.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,620 shares of the company’s stock after acquiring an additional 107 shares during the quarter. Drive Wealth Management LLC’s holdings in AbbVie were worth $1,110,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of research firms have weighed in on ABBV. Truist Financial upped their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. TD Cowen raised their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Wolfe Research initiated coverage on shares of AbbVie in a research report on Friday. They set an “outperform” rating and a $205.00 price target for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $203.89.

AbbVie Trading Down 2.7 %

Shares of AbbVie stock opened at $164.99 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a twelve month low of $137.05 and a twelve month high of $207.32. The firm has a market capitalization of $291.56 billion, a PE ratio of 57.29, a P/E/G ratio of 2.01 and a beta of 0.63. The firm’s 50-day moving average price is $192.04 and its 200 day moving average price is $181.04.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $14.28 billion. During the same period in the previous year, the company posted $2.95 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

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.