Jackson Square Capital LLC Raises Position in AbbVie Inc. (NYSE:ABBV)

Jackson Square Capital LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,786 shares of the company’s stock after acquiring an additional 555 shares during the quarter. AbbVie makes up approximately 1.3% of Jackson Square Capital LLC’s holdings, making the stock its 24th largest position. Jackson Square Capital LLC’s holdings in AbbVie were worth $5,092,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. GGM Financials LLC increased its position in shares of AbbVie by 0.7% during the 3rd quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock worth $1,362,000 after purchasing an additional 50 shares during the last quarter. Pine Haven Investment Counsel Inc boosted its position in shares of AbbVie by 0.3% during the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after buying an additional 52 shares during the period. Frisch Financial Group Inc. raised its holdings in shares of AbbVie by 0.8% in the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after buying an additional 53 shares during the period. First Citizens Financial Corp lifted its position in shares of AbbVie by 0.9% during the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after purchasing an additional 53 shares in the last quarter. Finally, Sunflower Bank N.A. boosted its position in AbbVie by 0.4% in the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after buying an additional 53 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $201.20 on Thursday. The firm has a 50 day simple moving average of $194.41 and a 200-day simple moving average of $180.25. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market cap of $355.39 billion, a PE ratio of 69.86, a P/E/G ratio of 2.54 and a beta of 0.63. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.95 EPS. On average, equities analysts expect that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.26%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Bank of America increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. BMO Capital Markets boosted their price target on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Citigroup boosted their price objective on shares of AbbVie from $215.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $202.72.

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.