Nwam LLC Increases Position in AbbVie Inc. (NYSE:ABBV)

Nwam LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 72.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 15,077 shares of the company’s stock after acquiring an additional 6,337 shares during the period. Nwam LLC’s holdings in AbbVie were worth $2,031,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Kalos Management Inc. acquired a new position in shares of AbbVie in the first quarter worth $26,000. Miller Wealth Advisors LLC grew its stake in AbbVie by 140.0% during the 2nd quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares in the last quarter. True Wealth Design LLC purchased a new stake in AbbVie during the 4th quarter worth about $39,000. KB Financial Partners LLC acquired a new stake in AbbVie in the 1st quarter valued at about $45,000. Finally, Sanctuary Wealth Management L.L.C. purchased a new position in shares of AbbVie in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 67.86% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of AbbVie in a research note on Thursday, November 9th. They set a “hold” rating and a $150.00 target price for the company. Piper Sandler boosted their target price on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. UBS Group dropped their price target on shares of AbbVie from $157.00 to $150.00 and set a “neutral” rating on the stock in a research note on Friday, October 20th. Barclays upgraded shares of AbbVie from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $160.00 to $170.00 in a research report on Monday, October 30th. Finally, Raymond James initiated coverage on shares of AbbVie in a research note on Thursday, September 28th. They set an “outperform” rating and a $177.00 price target on the stock. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.69.

AbbVie Price Performance

Shares of ABBV traded up $0.59 during mid-day trading on Thursday, reaching $138.19. 430,043 shares of the company’s stock were exchanged, compared to its average volume of 5,511,423. The company has a quick ratio of 0.84, a current ratio of 0.96 and a debt-to-equity ratio of 4.59. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11. The company has a market cap of $243.98 billion, a price-to-earnings ratio of 37.70, a PEG ratio of 2.47 and a beta of 0.51. The company has a 50-day simple moving average of $147.01 and a two-hundred day simple moving average of $144.18.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share for the quarter, topping analysts’ consensus estimates of $2.86 by $0.09. The company had revenue of $13.93 billion during the quarter, compared to analysts’ expectations of $13.72 billion. AbbVie had a return on equity of 152.70% and a net margin of 11.81%. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.66 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 11.24 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Friday, January 12th. This is a positive change from AbbVie’s previous quarterly dividend of $1.48. AbbVie’s payout ratio is currently 162.19%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.