Angeles Investment Advisors LLC Buys 62 Shares of AbbVie Inc. (NYSE:ABBV)

Angeles Investment Advisors LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,706 shares of the company’s stock after buying an additional 62 shares during the period. Angeles Investment Advisors LLC’s holdings in AbbVie were worth $337,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. First Hawaiian Bank lifted its holdings in shares of AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares in the last quarter. PGGM Investments increased its position in shares of AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after purchasing an additional 24,756 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of AbbVie by 8.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company’s stock worth $15,377,000 after purchasing an additional 5,993 shares during the last quarter. Tyler Stone Wealth Management increased its position in shares of AbbVie by 131.9% during the 3rd quarter. Tyler Stone Wealth Management now owns 4,469 shares of the company’s stock worth $883,000 after purchasing an additional 2,542 shares during the last quarter. Finally, Foresight Capital Management Advisors Inc. acquired a new position in shares of AbbVie during the 2nd quarter worth approximately $1,349,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday. 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 report on Tuesday. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Finally, Morgan Stanley reduced their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $203.83.

AbbVie Price Performance

Shares of AbbVie stock traded up $0.17 during trading on Wednesday, reaching $171.26. 858,811 shares of the company’s stock were exchanged, compared to its average volume of 5,395,279. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a 1-year low of $136.30 and a 1-year high of $207.32. The company has a market cap of $302.64 billion, a P/E ratio of 59.49, a PEG ratio of 2.12 and a beta of 0.63. The firm’s 50-day moving average price is $194.14 and its 200 day moving average price is $180.83.

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

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.83%. 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 is presently 215.28%.

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.