Peapack Gladstone Financial Corp Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Peapack Gladstone Financial Corp increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,463 shares of the company’s stock after buying an additional 10,697 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in AbbVie were worth $41,364,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new stake in AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the second quarter valued at approximately $27,000. Groupama Asset Managment boosted its position in AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after buying an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC purchased a new position in AbbVie during the 3rd quarter worth approximately $28,000. Finally, Quest Partners LLC boosted its holdings in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Truist Financial raised their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Morgan Stanley reduced their price objective on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Leerink Partners upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price on the stock in a research note on Friday, November 22nd. Sanford C. Bernstein assumed coverage on AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $203.65.

AbbVie Stock Down 0.7 %

Shares of ABBV opened at $173.16 on Friday. The stock has a 50 day moving average price of $185.03 and a 200 day moving average price of $182.68. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The stock has a market capitalization of $306.00 billion, a price-to-earnings ratio of 60.13, a PEG ratio of 2.01 and a beta of 0.58. AbbVie Inc. has a one year low of $151.29 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating 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 analysts’ expectations of $14.28 billion. During the same period in the prior year, the business earned $2.95 earnings per share. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

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.