Sitrin Capital Management LLC Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Sitrin Capital Management LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, Holdings Channel reports. The fund purchased 3,942 shares of the company’s stock, valued at approximately $778,000.

Other large investors have also recently modified their holdings of the company. Valued Wealth Advisors LLC increased its holdings in AbbVie by 97.8% during the 3rd quarter. Valued Wealth Advisors LLC now owns 894 shares of the company’s stock worth $177,000 after purchasing an additional 442 shares during the period. Laurel Wealth Planning LLC purchased a new position in shares of AbbVie during the third quarter valued at $223,000. Hills Bank & Trust Co raised its holdings in shares of AbbVie by 2.9% in the third quarter. Hills Bank & Trust Co now owns 6,046 shares of the company’s stock valued at $1,194,000 after acquiring an additional 168 shares in the last quarter. Focus Financial Network Inc. grew its holdings in AbbVie by 1.9% during the 3rd quarter. Focus Financial Network Inc. now owns 17,782 shares of the company’s stock worth $3,512,000 after acquiring an additional 325 shares in the last quarter. Finally, Principal Securities Inc. raised its holdings in shares of AbbVie by 6.7% in the 3rd quarter. Principal Securities Inc. now owns 40,442 shares of the company’s stock valued at $7,987,000 after purchasing an additional 2,522 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

NYSE ABBV traded up $0.03 during trading hours on Friday, hitting $203.90. 891,149 shares of the company’s stock traded hands, compared to its average volume of 5,312,406. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm’s 50-day moving average is $194.00 and its 200-day moving average is $179.09. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $207.32. The company has a market capitalization of $360.16 billion, a PE ratio of 70.83, a PEG ratio of 2.76 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating 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 company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the prior year, the business earned $2.95 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post 10.9 EPS 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 $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 215.28%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. BMO Capital Markets upped their target price on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Bank of America increased their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Truist Financial upped their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $201.00.

AbbVie Profile

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.