Simplify Asset Management Inc. Makes New $9.33 Million Investment in AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Simplify Asset Management Inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV – Free Report) in the third quarter, HoldingsChannel reports. The institutional investor acquired 47,252 shares of the company’s stock, valued at approximately $9,331,000. AbbVie makes up about 0.4% of Simplify Asset Management Inc.’s investment portfolio, making the stock its 24th largest position.

A number of other hedge funds have also recently bought and sold shares of the business. Fairway Wealth LLC bought a new stake in AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the 2nd quarter valued at $27,000. Quest Partners LLC raised its stake 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 buying an additional 207 shares in the last quarter. Marquette Asset Management LLC acquired a new position in shares of AbbVie in the 3rd quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. boosted its holdings in AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 1.8 %

Shares of NYSE ABBV traded down $3.09 during trading on Friday, hitting $166.54. 2,791,807 shares of the company traded hands, compared to its average volume of 5,431,623. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The business’s fifty day moving average is $192.62 and its 200 day moving average is $180.76. AbbVie Inc. has a fifty-two week low of $137.05 and a fifty-two week high of $207.32. The firm has a market capitalization of $294.30 billion, a price-to-earnings ratio of 57.99, a P/E/G ratio of 2.07 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.95 EPS. Equities research analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed 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 represents a $6.56 dividend on an annualized basis and a dividend yield of 3.94%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ABBV. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. TD Cowen increased their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. BMO Capital Markets cut 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. Sanford C. Bernstein began coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. Finally, Citigroup reduced their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $203.89.

Check Out Our Latest Stock Report on ABBV

AbbVie Profile

(Free Report)

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.

Read More

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).