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

Apollon Wealth Management LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,021 shares of the company’s stock after buying an additional 2,590 shares during the quarter. Apollon Wealth Management LLC’s holdings in AbbVie were worth $14,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in ABBV. Fairway Wealth LLC purchased a new position in AbbVie during the second quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter worth $27,000. Quest Partners LLC boosted its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC acquired a new stake in AbbVie in the third quarter worth about $39,000. Finally, Burkett Financial Services LLC boosted its holdings in AbbVie by 61.2% in the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after acquiring an additional 82 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 12.6 %

Shares of NYSE:ABBV opened at $174.44 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.71 and a debt-to-equity ratio of 9.64. The company has a fifty day simple moving average of $194.58 and a 200 day simple moving average of $180.78. The firm has a market cap of $308.26 billion, a PE ratio of 60.57, a price-to-earnings-growth ratio of 2.44 and a beta of 0.63. AbbVie Inc. has a 12-month low of $136.30 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results 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 business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.95 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.76%. AbbVie’s payout ratio is presently 215.28%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent research reports. Piper Sandler lifted 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. Barclays boosted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Morgan Stanley upped their target price on shares of AbbVie from $218.00 to $231.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Guggenheim increased 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. Finally, UBS Group increased their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.82.

About AbbVie

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.