Copley Financial Group Inc. Buys Shares of 2,475 AbbVie Inc. (NYSE:ABBV)

Copley Financial Group Inc. acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,475 shares of the company’s stock, valued at approximately $489,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GGM Financials LLC boosted its stake in shares of AbbVie by 0.7% in the third quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock valued at $1,362,000 after buying an additional 50 shares in the last quarter. Pine Haven Investment Counsel Inc increased its holdings in shares of AbbVie by 0.3% in the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after purchasing an additional 52 shares in the last quarter. Dillon & Associates Inc. lifted its stake in shares of AbbVie by 0.8% in the third quarter. Dillon & Associates Inc. now owns 6,914 shares of the company’s stock valued at $1,362,000 after purchasing an additional 52 shares during the period. Frisch Financial Group Inc. boosted its holdings in AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after buying an additional 53 shares in the last quarter. Finally, First Citizens Financial Corp grew its position in AbbVie by 0.9% during the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after buying an additional 53 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.4 %

Shares of ABBV traded down $0.64 during mid-day trading on Friday, reaching $172.55. The company had a trading volume of 346,550 shares, compared to its average volume of 5,511,166. The stock has a market cap of $304.92 billion, a price-to-earnings ratio of 60.13, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The firm has a fifty day simple moving average of $185.03 and a 200-day simple moving average of $182.68. AbbVie Inc. has a fifty-two week low of $151.29 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $2.95 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm 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 $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ABBV shares. Guggenheim boosted their price target on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Sanford C. Bernstein began coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Piper Sandler boosted 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. Citigroup dropped their target price on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Finally, Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $203.65.

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.