CIBC Asset Management Inc Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

CIBC Asset Management Inc grew its holdings in AbbVie Inc. (NYSE:ABBV) by 5.9% during the 3rd quarter, Holdings Channel.com reports. The fund owned 362,342 shares of the company’s stock after acquiring an additional 20,137 shares during the period. CIBC Asset Management Inc’s holdings in AbbVie were worth $71,538,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Fairway Wealth LLC purchased a new position in shares of AbbVie during the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the 3rd quarter worth approximately $39,000. Mizuho Securities Co. Ltd. boosted its position in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after acquiring an additional 100 shares during the last quarter. Finally, Quest Partners LLC grew its holdings in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV stock opened at $169.63 on Friday. The stock has a market capitalization of $299.76 billion, a price-to-earnings ratio of 58.90, a P/E/G ratio of 2.07 and a beta of 0.63. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a twelve month low of $136.30 and a twelve month high of $207.32. The stock has a fifty day simple moving average of $193.08 and a two-hundred day simple moving average of $180.84.

AbbVie (NYSE:ABBV) last issued its earnings results 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 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the prior year, the business earned $2.95 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.87%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ABBV. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. UBS Group increased their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Bank of America boosted 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. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Barclays boosted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $203.89.

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.