Belmont Capital LLC Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Belmont Capital LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,741 shares of the company’s stock after buying an additional 481 shares during the quarter. Belmont Capital LLC’s holdings in AbbVie were worth $1,331,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in shares of AbbVie by 1,745.0% in the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after purchasing an additional 4,471,806 shares in the last quarter. Capital World Investors boosted its position in AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after buying an additional 3,120,310 shares during the period. Capital International Investors boosted its position in AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after buying an additional 3,110,601 shares during the period. Swedbank AB acquired a new position in shares of AbbVie in the first quarter worth $367,372,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of AbbVie by 13.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,744,190 shares of the company’s stock worth $1,956,518,000 after acquiring an additional 1,291,201 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Up 0.8 %

NYSE:ABBV opened at $166.26 on Tuesday. AbbVie Inc. has a 12-month low of $137.14 and a 12-month high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The business has a 50 day simple moving average of $191.44 and a 200 day simple moving average of $181.08. The firm has a market capitalization of $293.80 billion, a P/E ratio of 57.73, a P/E/G ratio of 2.01 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS 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 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the business earned $2.95 earnings per share. AbbVie’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The company 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 a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.95%. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. UBS Group boosted their price objective on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Barclays boosted their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.89.

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.