Atticus Wealth Management LLC Increases Position in AbbVie Inc. (NYSE:ABBV)

Atticus Wealth Management LLC boosted its holdings in AbbVie Inc. (NYSE:ABBVGet Rating) by 12.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,223 shares of the company’s stock after purchasing an additional 560 shares during the quarter. Atticus Wealth Management LLC’s holdings in AbbVie were worth $800,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Alerus Financial NA bought a new position in shares of AbbVie in the fourth quarter worth approximately $1,923,000. Clearstead Advisors LLC lifted its stake in shares of AbbVie by 4.2% in the fourth quarter. Clearstead Advisors LLC now owns 60,182 shares of the company’s stock worth $8,149,000 after buying an additional 2,451 shares in the last quarter. Rowland & Co. Investment Counsel ADV lifted its stake in shares of AbbVie by 3,779.1% in the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 55,976 shares of the company’s stock worth $6,483,000 after buying an additional 54,533 shares in the last quarter. Summit Global Investments lifted its stake in shares of AbbVie by 16.5% in the fourth quarter. Summit Global Investments now owns 43,221 shares of the company’s stock worth $5,852,000 after buying an additional 6,110 shares in the last quarter. Finally, HBK Investments L P lifted its stake in shares of AbbVie by 52.6% in the fourth quarter. HBK Investments L P now owns 11,098 shares of the company’s stock worth $1,503,000 after buying an additional 3,827 shares in the last quarter. Hedge funds and other institutional investors own 68.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Piper Sandler lowered their price objective on shares of AbbVie from $160.00 to $155.00 in a research report on Friday, July 29th. Morgan Stanley reduced their target price on shares of AbbVie from $191.00 to $188.00 and set an “overweight” rating for the company in a report on Monday, August 1st. UBS Group cut their target price on shares of AbbVie from $154.00 to $146.00 and set a “neutral” rating for the company in a research note on Monday, August 1st. Atlantic Securities lowered their price objective on shares of AbbVie from $178.00 to $162.00 and set a “neutral” rating for the company in a research report on Monday, August 1st. Finally, Barclays lowered their price objective on shares of AbbVie to $160.00 in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $159.35.

AbbVie Stock Performance

Shares of AbbVie stock opened at $140.31 on Thursday. The firm has a market capitalization of $248.08 billion, a P/E ratio of 19.87, a P/E/G ratio of 4.00 and a beta of 0.72. AbbVie Inc. has a 52 week low of $105.93 and a 52 week high of $175.91. The company has a quick ratio of 0.75, a current ratio of 0.84 and a debt-to-equity ratio of 4.15. The firm’s 50 day moving average is $142.13 and its two-hundred day moving average is $149.60.

AbbVie (NYSE:ABBVGet Rating) last announced its quarterly earnings results on Friday, July 29th. The company reported $3.51 EPS for the quarter, beating the consensus estimate of $3.42 by $0.09. The company had revenue of $14.58 billion for the quarter, compared to analyst estimates of $14.64 billion. AbbVie had a net margin of 22.03% and a return on equity of 158.41%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $3.11 earnings per share. Research analysts forecast that AbbVie Inc. will post 14.05 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a dividend of $1.41 per share. This represents a $5.64 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, October 13th. AbbVie’s dividend payout ratio is presently 79.89%.

AbbVie Company Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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