B&L Asset Management LLC Takes $977,000 Position in AbbVie Inc. (NYSE:ABBV)

B&L Asset Management LLC bought a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,947 shares of the company’s stock, valued at approximately $977,000.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Bank & Trust Co purchased a new position in shares of AbbVie in the second quarter valued at about $1,016,000. BancFirst Trust & Investment Management grew its stake in shares of AbbVie by 21.9% in the second quarter. BancFirst Trust & Investment Management now owns 4,062 shares of the company’s stock worth $686,000 after purchasing an additional 729 shares during the last quarter. Trust Co. of Toledo NA OH increased its holdings in AbbVie by 2.3% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 41,851 shares of the company’s stock valued at $7,178,000 after purchasing an additional 931 shares during the period. RVW Wealth LLC raised its position in AbbVie by 2.0% during the 2nd quarter. RVW Wealth LLC now owns 5,213 shares of the company’s stock valued at $894,000 after purchasing an additional 100 shares during the last quarter. Finally, Great Waters Wealth Management purchased a new stake in AbbVie in the 2nd quarter worth approximately $217,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Guggenheim boosted their target price on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Truist Financial raised their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company increased their price target on shares of AbbVie to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $203.50.

AbbVie Stock Performance

Shares of ABBV stock opened at $182.93 on Friday. The company has a market capitalization of $323.26 billion, a price-to-earnings ratio of 63.52, a price-to-earnings-growth ratio of 2.09 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a one year low of $138.01 and a one year high of $207.32. The company’s 50-day moving average is $188.23 and its 200 day moving average is $181.89.

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

AbbVie Increases Dividend

The business also recently announced 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. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.59%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. 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.