Diversify Wealth Management LLC Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Diversify Wealth Management LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 62.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 25,635 shares of the company’s stock after buying an additional 9,840 shares during the period. Diversify Wealth Management LLC’s holdings in AbbVie were worth $4,491,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Sei Investments Co. grew its holdings in AbbVie by 11.2% during the second quarter. Sei Investments Co. now owns 484,279 shares of the company’s stock worth $83,064,000 after acquiring an additional 48,722 shares during the period. Westwood Holdings Group Inc. increased its holdings in shares of AbbVie by 1.2% in the 2nd quarter. Westwood Holdings Group Inc. now owns 11,380 shares of the company’s stock valued at $1,952,000 after purchasing an additional 130 shares in the last quarter. Kowal Investment Group LLC lifted its stake in shares of AbbVie by 4.7% in the second quarter. Kowal Investment Group LLC now owns 15,006 shares of the company’s stock valued at $2,574,000 after purchasing an additional 671 shares during the period. Profund Advisors LLC boosted its holdings in AbbVie by 32.8% during the second quarter. Profund Advisors LLC now owns 47,004 shares of the company’s stock worth $8,062,000 after buying an additional 11,603 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in AbbVie by 2.0% during the second quarter. ProShare Advisors LLC now owns 1,309,684 shares of the company’s stock worth $224,637,000 after buying an additional 26,088 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. BMO Capital Markets decreased their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Morgan Stanley dropped their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research report on Tuesday, November 12th. Guggenheim increased their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Truist Financial cut their target price on shares of AbbVie from $215.00 to $211.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $205.50.

AbbVie Price Performance

Shares of AbbVie stock opened at $171.49 on Monday. The business’s fifty day moving average price is $175.78 and its 200 day moving average price is $184.75. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The stock has a market capitalization of $303.05 billion, a P/E ratio of 59.55, a PEG ratio of 1.73 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for 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%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.95 EPS. As a group, research analysts anticipate that AbbVie Inc. will post 10.06 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.83%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is presently 215.28%.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.25% of the company’s stock.

AbbVie 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.