Rossmore Private Capital Has $8.48 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Rossmore Private Capital raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,929 shares of the company’s stock after acquiring an additional 999 shares during the quarter. AbbVie comprises 1.0% of Rossmore Private Capital’s investment portfolio, making the stock its 23rd biggest holding. Rossmore Private Capital’s holdings in AbbVie were worth $8,478,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. First Hawaiian Bank boosted its position in AbbVie by 9.0% in the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after purchasing an additional 2,657 shares during the last quarter. PGGM Investments grew 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 buying an additional 24,756 shares in the last quarter. Venturi Wealth Management LLC increased its stake in AbbVie by 8.3% in the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company’s stock valued at $15,377,000 after acquiring an additional 5,993 shares during the last quarter. Tyler Stone Wealth Management raised its stake in shares of AbbVie by 131.9% during the third quarter. Tyler Stone Wealth Management now owns 4,469 shares of the company’s stock worth $883,000 after acquiring an additional 2,542 shares in the last quarter. Finally, Foresight Capital Management Advisors Inc. bought a new stake in shares of AbbVie in the 2nd quarter valued at about $1,349,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ABBV shares. Barclays upped their price objective 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 decreased their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. Bank of America raised their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.06.

AbbVie Trading Down 1.9 %

NYSE ABBV opened at $171.10 on Wednesday. The firm has a 50 day simple moving average of $194.14 and a 200-day simple moving average of $180.83. The firm has a market cap of $302.36 billion, a price-to-earnings ratio of 59.41, a PEG ratio of 2.12 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a one year low of $136.30 and a one year high of $207.32.

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. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.95 EPS. Equities research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 215.28%.

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.