AbbVie Inc. $ABBV Shares Bought by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 23.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 60,877 shares of the company’s stock after purchasing an additional 11,390 shares during the period. Ritholtz Wealth Management’s holdings in AbbVie were worth $15,925,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Ranch Capital Advisors Inc. lifted its position in shares of AbbVie by 37.0% during the first quarter. Ranch Capital Advisors Inc. now owns 14,888 shares of the company’s stock worth $3,238,000 after purchasing an additional 4,017 shares in the last quarter. Capital Advisors Inc. OK increased its holdings in shares of AbbVie by 11.2% in the second quarter. Capital Advisors Inc. OK now owns 447,129 shares of the company’s stock valued at $112,516,000 after purchasing an additional 45,132 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of AbbVie in the second quarter valued at approximately $23,557,000. State Street Corp increased its holdings in shares of AbbVie by 1.7% in the second quarter. State Street Corp now owns 82,596,748 shares of the company’s stock valued at $20,784,646,000 after purchasing an additional 1,379,232 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its position in AbbVie by 7.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 134,579 shares of the company’s stock worth $33,865,000 after purchasing an additional 9,380 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV opened at $294.93 on Thursday. The company has a fifty day moving average price of $274.15 and a two-hundred day moving average price of $240.18. AbbVie Inc. has a 52 week low of $190.75 and a 52 week high of $302.93. The firm has a market capitalization of $521.33 billion, a PE ratio of 50.76, a P/E/G ratio of 1.34 and a beta of 0.20.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 30th. The company reported $3.82 earnings per share for the quarter, beating analysts’ consensus estimates of $3.73 by $0.09. The company had revenue of $17.40 billion for the quarter, compared to the consensus estimate of $17.32 billion. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.86 EPS. Equities analysts forecast that AbbVie Inc. will post 13.98 EPS for the current year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Investors of record on Friday, January 15th will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from AbbVie’s previous quarterly dividend of $1.73. The ex-dividend date of this dividend is Friday, January 15th. AbbVie’s payout ratio is presently 119.10%.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the sale, the executive vice president owned 74,430 shares in the company, valued at approximately $18,607,500. This represents a 30.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley upped their price objective on AbbVie from $310.00 to $346.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. The Goldman Sachs Group lifted their target price on AbbVie from $258.00 to $294.00 and gave the company a “neutral” rating in a research note on Friday, October 23rd. Weiss Ratings upgraded AbbVie from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Citigroup boosted their target price on AbbVie from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Finally, Piper Sandler upped their price target on AbbVie from $298.00 to $303.00 and gave the company an “overweight” rating in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $297.46.

About AbbVie

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.