RIA Advisory Group LLC Acquires New Shares in AbbVie Inc. (NYSE:ABBV)

RIA Advisory Group LLC bought a new position in AbbVie Inc. (NYSE:ABBV) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,931 shares of the company’s stock, valued at approximately $579,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Fairway Wealth LLC bought a new position in shares of AbbVie during the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the 2nd quarter valued at $27,000. Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the period. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter worth about $39,000. Finally, Mizuho Securities Co. Ltd. grew its position in shares of AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after buying an additional 100 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 2.7 %

Shares of ABBV stock opened at $164.99 on Friday. The stock has a market cap of $291.56 billion, a P/E ratio of 57.26, a PEG ratio of 2.07 and a beta of 0.63. The company’s fifty day simple moving average is $192.04 and its two-hundred day simple moving average is $180.78. 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 Inc. has a 52 week low of $137.05 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 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 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 previous year, the business earned $2.95 earnings per share. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts predict that AbbVie Inc. will post 10.95 EPS 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 paid a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.98%. AbbVie’s dividend payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ABBV shares. TD Cowen boosted their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Wolfe Research assumed coverage on AbbVie in a research report on Friday. They issued an “outperform” rating and a $205.00 price target on the stock. Piper Sandler boosted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. BMO Capital Markets lowered their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Citigroup cut their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $203.89.

AbbVie Company 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.