DORCHESTER WEALTH MANAGEMENT Co Has $1.29 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

DORCHESTER WEALTH MANAGEMENT Co increased its stake in AbbVie Inc. (NYSE:ABBV) by 24.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,555 shares of the company’s stock after buying an additional 1,300 shares during the quarter. DORCHESTER WEALTH MANAGEMENT Co’s holdings in AbbVie were worth $1,294,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sovereign Financial Group Inc. increased its holdings in shares of AbbVie by 18.6% during the 1st quarter. Sovereign Financial Group Inc. now owns 3,212 shares of the company’s stock worth $585,000 after acquiring an additional 503 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of AbbVie by 10.1% in the first quarter. Revolve Wealth Partners LLC now owns 3,083 shares of the company’s stock valued at $561,000 after purchasing an additional 282 shares during the last quarter. DGS Capital Management LLC lifted its stake in shares of AbbVie by 33.0% during the 1st quarter. DGS Capital Management LLC now owns 3,279 shares of the company’s stock worth $597,000 after buying an additional 814 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in shares of AbbVie by 23.6% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 42,837 shares of the company’s stock worth $7,801,000 after buying an additional 8,184 shares during the period. Finally, Signet Financial Management LLC boosted its holdings in shares of AbbVie by 0.3% during the 1st quarter. Signet Financial Management LLC now owns 42,664 shares of the company’s stock worth $7,769,000 after buying an additional 128 shares during the period. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

Shares of AbbVie stock traded up $1.78 during trading on Thursday, reaching $189.66. 2,519,436 shares of the company’s stock were exchanged, compared to its average volume of 5,273,583. The firm’s 50-day moving average price is $194.22 and its 200 day moving average price is $178.08. The company has a market cap of $334.91 billion, a P/E ratio of 55.75, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.91 earnings per share. As a group, research analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. BMO Capital Markets raised their price objective on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Truist Financial upped their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company lifted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, Barclays lifted their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $198.47.

About AbbVie

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.