Balentine LLC Acquires 5,056 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Balentine LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 87.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,842 shares of the company’s stock after buying an additional 5,056 shares during the quarter. Balentine LLC’s holdings in AbbVie were worth $2,141,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Fairway Wealth LLC bought a new position in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new position in shares of AbbVie in the third quarter worth approximately $39,000. Quest Partners LLC boosted its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the last quarter. Finally, Burkett Financial Services LLC grew its position in AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after buying an additional 82 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $201.69 on Wednesday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The business’s fifty day simple moving average is $194.29 and its 200-day simple moving average is $180.10. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market cap of $356.25 billion, a PE ratio of 70.03, a PEG ratio of 2.54 and a beta of 0.63.

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

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.25%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday. Morgan Stanley boosted their price target on AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Barclays lifted their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $201.00.

Check Out Our Latest Report on AbbVie

AbbVie Company 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.

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