CIBC Asset Management Inc Grows Stock Holdings in AbbVie Inc. (NYSE:ABBV)

CIBC Asset Management Inc lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362,342 shares of the company’s stock after buying an additional 20,137 shares during the period. CIBC Asset Management Inc’s holdings in AbbVie were worth $71,538,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in shares of AbbVie in the second quarter worth about $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the 2nd quarter worth approximately $27,000. Quest Partners LLC increased its stake in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the period. Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the third quarter valued at approximately $39,000. Finally, Mizuho Securities Co. Ltd. increased its stake in shares of AbbVie by 100.0% in the third 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 period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

AbbVie stock opened at $169.63 on Friday. AbbVie Inc. has a twelve month low of $136.30 and a twelve month high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The company has a market capitalization of $299.76 billion, a P/E ratio of 58.90, a PEG ratio of 2.07 and a beta of 0.63. The stock’s 50 day moving average is $193.08 and its 200 day moving average is $180.84.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the previous year, the company earned $2.95 earnings per share. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Guggenheim boosted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. cut their price objective on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research report on Wednesday. Truist Financial upped their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Wolfe Research assumed coverage on shares of AbbVie in a research report on Friday. They set an “outperform” rating and a $205.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average 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.