Napa Wealth Management Acquires Shares of 11,771 AbbVie Inc. (NYSE:ABBV)

Napa Wealth Management bought a new position in shares of AbbVie Inc. (NYSE:ABBV) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 11,771 shares of the company’s stock, valued at approximately $2,325,000. AbbVie makes up about 1.1% of Napa Wealth Management’s holdings, making the stock its 16th biggest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of AbbVie during the 1st quarter valued at $646,000. Quent Capital LLC increased its holdings in AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after buying an additional 283 shares during the period. PAX Financial Group LLC bought a new position in AbbVie in the 1st quarter valued at about $217,000. Seven Eight Capital LP acquired a new position in shares of AbbVie in the 1st quarter valued at approximately $576,000. Finally, PYA Waltman Capital LLC lifted its holdings in shares of AbbVie by 1.8% during the 1st quarter. PYA Waltman Capital LLC now owns 16,088 shares of the company’s stock worth $2,930,000 after acquiring an additional 282 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group lifted their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, TD Cowen boosted their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Three investment 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $203.89.

AbbVie Stock Up 0.2 %

Shares of NYSE:ABBV opened at $165.24 on Monday. The firm has a market cap of $292.00 billion, a P/E ratio of 57.29, a P/E/G ratio of 2.01 and a beta of 0.63. AbbVie Inc. has a 12-month low of $137.14 and a 12-month high of $207.32. The business has a fifty day simple moving average of $192.04 and a 200 day simple moving average of $181.04. 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 (NYSE:ABBV) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $2.95 earnings per share. Analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.97%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 215.28%.

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.