Resurgent Financial Advisors LLC Purchases 598 Shares of AbbVie Inc. (NYSE:ABBV)

Resurgent Financial Advisors LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 22.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,209 shares of the company’s stock after acquiring an additional 598 shares during the quarter. Resurgent Financial Advisors LLC’s holdings in AbbVie were worth $634,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. RPg Family Wealth Advisory LLC bought a new position in AbbVie in the third quarter valued at about $28,000. Fairway Wealth LLC purchased a new stake in AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter worth about $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie in the third quarter worth about $39,000. Finally, Mizuho Securities Co. Ltd. increased its position in AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock opened at $176.55 on Thursday. The stock has a market cap of $311.99 billion, a price-to-earnings ratio of 61.30, a price-to-earnings-growth ratio of 2.08 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The stock has a 50 day moving average price of $187.45 and a 200-day moving average price of $182.21. AbbVie Inc. has a one year low of $142.66 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 EPS. Equities analysts expect that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently announced 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 is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.72%. AbbVie’s payout ratio is 227.78%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABBV shares. Sanford C. Bernstein started coverage on AbbVie in a research report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. 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. Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Citigroup cut their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research report on Tuesday, November 12th. Finally, Guggenheim increased their target price on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $203.50.

About AbbVie

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.