Raleigh Capital Management Inc. Acquires 2,608 Shares of AbbVie Inc. (NYSE:ABBV)

Raleigh Capital Management Inc. increased its holdings in AbbVie Inc. (NYSE:ABBV) by 21.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,660 shares of the company’s stock after purchasing an additional 2,608 shares during the period. AbbVie makes up 1.0% of Raleigh Capital Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Raleigh Capital Management Inc.’s holdings in AbbVie were worth $2,605,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ABBV. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie during the 3rd quarter worth about $28,000. Retirement Wealth Solutions LLC bought a new position in shares of AbbVie in the 4th quarter valued at approximately $35,000. Marquette Asset Management LLC acquired a new stake in AbbVie in the 3rd quarter worth approximately $39,000. Mizuho Securities Co. Ltd. boosted its position in AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Finally, MidAtlantic Capital Management Inc. acquired a new position in AbbVie during the third quarter valued at approximately $39,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ABBV. Wolfe Research initiated coverage on shares of AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 price objective for the company. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Guggenheim raised their price target on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Barclays lifted their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a research note on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $205.50.

Insider Buying and Selling at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock opened at $170.42 on Friday. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $207.32. 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 firm has a market cap of $301.15 billion, a P/E ratio of 59.17, a price-to-earnings-growth ratio of 1.71 and a beta of 0.58. The firm’s 50-day simple moving average is $175.72 and its 200-day simple moving average is $184.73.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the business earned $2.95 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 10.06 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders 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 yield of 3.85%. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio is currently 227.78%.

AbbVie Company 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.