RKL Wealth Management LLC Buys 7,899 Shares of AbbVie Inc. (NYSE:ABBV)

RKL Wealth Management LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 105.2% during the third quarter, HoldingsChannel.com reports. The fund owned 15,411 shares of the company’s stock after purchasing an additional 7,899 shares during the quarter. RKL Wealth Management LLC’s holdings in AbbVie were worth $3,043,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the 2nd quarter worth approximately $27,000. Quest Partners LLC raised its holdings in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of AbbVie in the third quarter valued at $39,000. Finally, Burkett Financial Services LLC increased its position in AbbVie by 61.2% in the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after purchasing an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

AbbVie stock opened at $199.50 on Friday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.71. The stock has a market cap of $352.54 billion, a price-to-earnings ratio of 69.27, a price-to-earnings-growth ratio of 2.46 and a beta of 0.63. The firm has a 50-day moving average of $194.58 and a two-hundred day moving average of $180.61. AbbVie Inc. has a 1 year low of $135.85 and a 1 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, beating analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. AbbVie’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 earnings per share. On average, research analysts forecast that AbbVie Inc. will post 10.96 earnings per share for the current 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. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.29%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ABBV shares. TD Cowen lifted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Morgan Stanley lifted their price target on AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Truist Financial upped their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Bank of America raised their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.