Oak Harbor Wealth Partners LLC Grows Stake in AbbVie Inc. (NYSE:ABBV)

Oak Harbor Wealth Partners LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% in the third quarter, Holdings Channel reports. The firm owned 4,070 shares of the company’s stock after buying an additional 157 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in AbbVie were worth $804,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. China Universal Asset Management Co. Ltd. acquired a new position in AbbVie during the first quarter worth about $646,000. Quent Capital LLC boosted its holdings in AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after purchasing an additional 283 shares during the last quarter. M&G Plc acquired a new position in AbbVie in the 1st quarter valued at about $41,807,000. Mizuho Markets Americas LLC boosted its holdings in AbbVie by 102.8% in the 1st quarter. Mizuho Markets Americas LLC now owns 62,695 shares of the company’s stock valued at $11,417,000 after purchasing an additional 31,781 shares during the last quarter. Finally, Pinkerton Retirement Specialists LLC boosted its holdings in AbbVie by 21.0% in the 1st quarter. Pinkerton Retirement Specialists LLC now owns 22,932 shares of the company’s stock valued at $4,176,000 after purchasing an additional 3,975 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

Shares of ABBV opened at $169.63 on Friday. AbbVie Inc. has a fifty-two week low of $136.30 and a fifty-two week high of $207.32. The firm’s 50 day moving average price is $193.08 and its 200 day moving average price is $180.84. The company has a market cap of $299.76 billion, a P/E ratio of 58.90, a PEG ratio of 2.08 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 announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the prior year, the firm posted $2.95 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders 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 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 3.87%. AbbVie’s dividend payout ratio is currently 215.28%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ABBV shares. Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Bank of America boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $203.83.

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.