AbbVie Inc. $ABBV Stock: Ethic Inc. Raises Stake

Ethic Inc. grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 10.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 92,697 shares of the company’s stock after purchasing an additional 9,134 shares during the period. Ethic Inc.’s holdings in AbbVie were worth $24,249,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ABBV. Burk Holdings LLC purchased a new position in AbbVie in the 2nd quarter worth approximately $30,000. Marquette Asset Management LLC boosted its stake in AbbVie by 52.2% during the 2nd quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock valued at $35,000 after purchasing an additional 48 shares during the last quarter. IMG Wealth Management Inc. boosted its stake in AbbVie by 3,060.0% during the 2nd quarter. IMG Wealth Management Inc. now owns 158 shares of the company’s stock valued at $40,000 after purchasing an additional 153 shares during the last quarter. Principia Wealth Advisory LLC boosted its stake in AbbVie by 38.9% during the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after purchasing an additional 44 shares during the last quarter. Finally, Tacita Capital Inc bought a new stake in shares of AbbVie in the 2nd quarter worth $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the transaction, the executive vice president directly owned 74,430 shares in the company, valued at approximately $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

Key AbbVie News

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Canaccord Genuity Group boosted their price target on AbbVie from $290.00 to $338.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Weiss Ratings raised AbbVie from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Scotiabank increased their price objective on AbbVie from $280.00 to $320.00 and gave the company an “outperform” rating in a research report on Tuesday, October 6th. BNP Paribas Exane increased their price objective on AbbVie from $218.00 to $247.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. lifted their price objective on AbbVie from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $297.46.

AbbVie Stock Up 1.1%

AbbVie stock opened at $291.51 on Friday. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $302.93. The company has a market cap of $515.27 billion, a P/E ratio of 50.17, a P/E/G ratio of 1.32 and a beta of 0.20. The business has a 50-day simple moving average of $271.98 and a two-hundred day simple moving average of $239.04.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, topping the consensus estimate of $3.73 by $0.09. The firm had revenue of $17.40 billion for the quarter, compared to analysts’ expectations of $17.32 billion. AbbVie had a net margin of 15.67% and a negative return on equity of 450.55%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.86 EPS. Research analysts anticipate that AbbVie Inc. will post 13.99 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a dividend of $1.82 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.73. This represents a $7.28 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, January 15th. AbbVie’s dividend payout ratio is currently 125.30%.

AbbVie Company Profile

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.