Beacon Financial Advisory LLC Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Beacon Financial Advisory LLC boosted its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 1.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,368 shares of the company’s stock after purchasing an additional 157 shares during the quarter. Beacon Financial Advisory LLC’s holdings in AbbVie were worth $1,653,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fairway Wealth LLC bought a new position in shares of AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter worth $27,000. Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the 3rd quarter valued at $39,000. Finally, Burkett Financial Services LLC boosted its position in shares of AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after purchasing an additional 82 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 0.6 %

Shares of ABBV stock opened at $201.69 on Wednesday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $207.32. The stock has a market cap of $356.25 billion, a P/E ratio of 70.03, a P/E/G ratio of 2.54 and a beta of 0.63. The stock has a 50 day moving average of $194.29 and a 200 day moving average of $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.

AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share 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 226.99%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same period in the previous year, the firm earned $2.95 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ABBV shares. Truist Financial upped their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. TD Cowen boosted their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday. Four equities research 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 stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $201.00.

Get Our Latest Stock Report on AbbVie

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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