Venturi Wealth Management LLC Purchases 5,993 Shares of AbbVie Inc. (NYSE:ABBV)

Venturi Wealth Management LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,864 shares of the company’s stock after acquiring an additional 5,993 shares during the quarter. Venturi Wealth Management LLC’s holdings in AbbVie were worth $15,377,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ABBV. First Hawaiian Bank raised its position in shares of AbbVie by 9.0% in the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares during the last quarter. PGGM Investments raised its stake in AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares during the last quarter. Foresight Capital Management Advisors Inc. acquired a new stake in AbbVie during the 2nd quarter worth about $1,349,000. Sumitomo Life Insurance Co. grew its stake in AbbVie by 29.6% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock valued at $5,333,000 after purchasing an additional 6,161 shares during the last quarter. Finally, Ullmann Wealth Partners Group LLC raised its stake in shares of AbbVie by 109.1% in the third quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock worth $1,249,000 after purchasing an additional 3,301 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Trading Down 11.2 %

Shares of ABBV opened at $177.11 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.71 and a debt-to-equity ratio of 9.64. The firm has a 50-day moving average price of $194.58 and a 200 day moving average price of $180.78. AbbVie Inc. has a 12-month low of $136.30 and a 12-month high of $207.32. The firm has a market capitalization of $312.98 billion, a P/E ratio of 69.27, a P/E/G ratio of 2.46 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business 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 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.70%. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. UBS Group increased their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Citigroup lifted their target price on shares of AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.82.

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.