Umpqua Bank Buys 142 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Umpqua Bank grew its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,352 shares of the company’s stock after purchasing an additional 142 shares during the period. Umpqua Bank’s holdings in AbbVie were worth $464,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ABBV. China Universal Asset Management Co. Ltd. bought a new stake in shares of AbbVie during the 1st quarter valued at about $646,000. Quent Capital LLC grew its position in AbbVie by 3.3% during the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares during the last quarter. 9258 Wealth Management LLC increased its position in shares of AbbVie by 1.6% during the first quarter. 9258 Wealth Management LLC now owns 17,183 shares of the company’s stock valued at $3,129,000 after acquiring an additional 274 shares in the last quarter. Vista Capital Partners Inc. purchased a new position in AbbVie in the 1st quarter worth about $200,000. Finally, Hemenway Trust Co LLC raised its holdings in shares of AbbVie by 12.2% during the first quarter. Hemenway Trust Co LLC now owns 31,848 shares of the company’s stock valued at $5,799,000 after purchasing an additional 3,472 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on ABBV shares. Morgan Stanley increased their price target on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. TD Cowen upped their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Citigroup boosted their price target on shares of AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $201.00.

Check Out Our Latest Research Report on ABBV

AbbVie Stock Up 1.1 %

Shares of ABBV traded up $2.25 during midday trading on Wednesday, hitting $203.93. The company had a trading volume of 287,330 shares, compared to its average volume of 5,296,563. The company’s 50-day simple moving average is $194.29 and its 200-day simple moving average is $180.10. The firm has a market capitalization of $360.21 billion, a P/E ratio of 70.03, a P/E/G ratio of 2.54 and a beta of 0.63. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $207.32. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $2.95 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.22%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is 215.28%.

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.

Further Reading

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