BNC Wealth Management LLC Purchases New Holdings in AbbVie Inc. (NYSE:ABBV)

BNC Wealth Management LLC acquired a new stake in AbbVie Inc. (NYSE:ABBV) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,101 shares of the company’s stock, valued at approximately $217,000.

A number of other hedge funds have also modified their holdings of the stock. China Universal Asset Management Co. Ltd. bought a new stake in AbbVie during the 1st quarter worth approximately $646,000. Quent Capital LLC boosted its position in shares of AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after purchasing an additional 283 shares during the last quarter. John G Ullman & Associates Inc. bought a new position in shares of AbbVie in the 1st quarter worth $222,000. Advisory Alpha LLC boosted its position in shares of AbbVie by 11.3% in the 1st quarter. Advisory Alpha LLC now owns 4,085 shares of the company’s stock worth $744,000 after purchasing an additional 415 shares during the last quarter. Finally, MGB Wealth Management LLC boosted its position in shares of AbbVie by 0.7% in the 1st quarter. MGB Wealth Management LLC now owns 13,322 shares of the company’s stock worth $2,426,000 after purchasing an additional 87 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ABBV shares. Truist Financial raised their price target on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Citigroup raised their price objective on AbbVie from $215.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. TD Cowen raised their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. UBS Group raised their price objective on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a research note on Monday. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $202.72.

AbbVie Price Performance

Shares of NYSE ABBV opened at $201.20 on Thursday. The stock has a market capitalization of $355.39 billion, a price-to-earnings ratio of 69.86, a PEG ratio of 2.54 and a beta of 0.63. The business has a 50-day moving average of $194.41 and a 200-day moving average of $180.25. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last announced 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 company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.95 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm 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 dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.26%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

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.