AbbVie Inc. (NYSE:ABBV) Shares Purchased by WFA Asset Management Corp

by · The Markets Daily

WFA Asset Management Corp lifted its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 0.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,003 shares of the company’s stock after acquiring an additional 55 shares during the quarter. AbbVie accounts for 0.8% of WFA Asset Management Corp’s holdings, making the stock its 18th biggest position. WFA Asset Management Corp’s holdings in AbbVie were worth $1,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after buying an additional 9,978,415 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in AbbVie by 1,745.0% during the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock worth $933,698,000 after buying an additional 4,471,806 shares in the last quarter. Capital World Investors boosted its holdings in AbbVie by 249.1% during the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after buying an additional 3,120,310 shares in the last quarter. Capital International Investors boosted its holdings in AbbVie by 6.9% during the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after buying an additional 3,110,601 shares in the last quarter. Finally, TD Asset Management Inc boosted its holdings in AbbVie by 156.0% during the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after buying an additional 2,116,997 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Morgan Stanley increased their price objective on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. BMO Capital Markets increased their price objective on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, Truist Financial increased their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $201.00.

View Our Latest Research Report on AbbVie

AbbVie Price Performance

AbbVie stock opened at $204.73 on Monday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The stock has a market cap of $361.62 billion, a P/E ratio of 70.68, a PEG ratio of 2.78 and a beta of 0.63. The company has a 50-day moving average price of $194.12 and a 200 day moving average price of $179.60. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the business earned $2.95 earnings per share. AbbVie’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

AbbVie Company Profile

(Free Report)

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.

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