Boston Research & Management Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,858 shares of the company’s stock after buying an additional 775 shares during the period. AbbVie comprises about 1.9% of Boston Research & Management Inc.’s holdings, making the stock its 15th largest position. Boston Research & Management Inc.’s holdings in AbbVie were worth $6,349,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Core Alternative Capital acquired a new position in shares of AbbVie during the third quarter worth $28,000. Penserra Capital Management LLC acquired a new stake in shares of AbbVie in the second quarter valued at about $38,000. Heritage Wealth Management LLC increased its holdings in AbbVie by 294.3% in the 2nd quarter. Heritage Wealth Management LLC now owns 343 shares of the company’s stock valued at $39,000 after buying an additional 256 shares during the period. Itau Unibanco Holding S.A. bought a new stake in shares of AbbVie during the second quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. grew its stake in shares of AbbVie by 530.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 441 shares of the company’s stock worth $48,000 after purchasing an additional 371 shares during the period. Institutional investors and hedge funds own 65.36% of the company’s stock.
Several brokerages have commented on ABBV. SVB Leerink restated a “buy” rating on shares of AbbVie in a research report on Tuesday, December 7th. Truist Securities boosted their target price on AbbVie from $118.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 24th. Morgan Stanley increased their target price on AbbVie from $116.00 to $124.00 and gave the stock an “overweight” rating in a research note on Monday, November 1st. Piper Sandler upped their price objective on AbbVie from $129.00 to $160.00 in a research note on Monday, January 3rd. Finally, Truist lifted their price objective on AbbVie from $118.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 24th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $136.50.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, October 28th. The company reported $3.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.22 by $0.11. The business had revenue of $14.34 billion for the quarter, compared to analysts’ expectations of $14.30 billion. AbbVie had a net margin of 13.66% and a return on equity of 166.05%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.83 EPS. As a group, research analysts expect that AbbVie Inc. will post 12.68 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 15th. Shareholders of record on Friday, January 14th will be paid a $1.41 dividend. This represents a $5.64 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend is Thursday, January 13th. This is a positive change from AbbVie’s previous quarterly dividend of $1.30. AbbVie’s dividend payout ratio is currently 123.81%.
In other AbbVie news, Vice Chairman Laura J. Schumacher sold 181,670 shares of the company’s stock in a transaction on Friday, December 17th. The stock was sold at an average price of $130.24, for a total value of $23,660,700.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Brian L. Durkin sold 11,790 shares of the business’s stock in a transaction dated Monday, December 20th. The stock was sold at an average price of $128.51, for a total value of $1,515,132.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 478,364 shares of company stock valued at $59,793,977. Company insiders own 0.09% of the company’s stock.
AbbVie Company Profile
AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.
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