Napa Wealth Management Buys New Position in AbbVie Inc. (NYSE:ABBV)

Napa Wealth Management bought a new position in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, Holdings Channel reports. The fund bought 11,771 shares of the company’s stock, valued at approximately $2,325,000. AbbVie accounts for 1.1% of Napa Wealth Management’s portfolio, making the stock its 16th largest position.

A number of other hedge funds have also added to or reduced their stakes in ABBV. Drive Wealth Management LLC boosted its stake in AbbVie by 1.9% during the third quarter. Drive Wealth Management LLC now owns 5,620 shares of the company’s stock worth $1,110,000 after acquiring an additional 107 shares in the last quarter. Capital City Trust Co. FL raised its holdings in shares of AbbVie by 1.7% during the third quarter. Capital City Trust Co. FL now owns 36,611 shares of the company’s stock valued at $7,230,000 after purchasing an additional 611 shares during the period. Mendel Capital Management LLC boosted its position in shares of AbbVie by 3.1% during the 3rd quarter. Mendel Capital Management LLC now owns 7,213 shares of the company’s stock worth $1,424,000 after purchasing an additional 216 shares in the last quarter. Holistic Financial Partners grew its stake in shares of AbbVie by 3.4% in the 3rd quarter. Holistic Financial Partners now owns 2,710 shares of the company’s stock valued at $535,000 after buying an additional 90 shares during the period. Finally, GLOBALT Investments LLC GA acquired a new stake in shares of AbbVie in the 3rd quarter valued at about $3,783,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

AbbVie stock opened at $165.24 on Monday. AbbVie Inc. has a 52 week low of $137.14 and a 52 week high of $207.32. The company’s 50 day moving average price is $192.04 and its two-hundred day moving average price is $181.04. The stock has a market cap of $292.00 billion, a P/E ratio of 57.29, a P/E/G ratio of 2.01 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the company posted $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current 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 is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is 215.28%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. 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 target price on the stock. Bank of America lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Wolfe Research assumed coverage on shares of AbbVie in a research note on Friday. They set an “outperform” rating and a $205.00 price target for the company. Finally, Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $203.89.

About AbbVie

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.