Cynosure Group LLC Buys 394 Shares of AbbVie Inc. (NYSE:ABBV)

Cynosure Group LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 17.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,630 shares of the company’s stock after purchasing an additional 394 shares during the quarter. Cynosure Group LLC’s holdings in AbbVie were worth $519,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter worth about $27,000. Marquette Asset Management LLC purchased a new stake in AbbVie in the 3rd quarter worth about $39,000. Mizuho Securities Co. Ltd. lifted its stake in 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 purchasing an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of AbbVie during the third quarter valued at approximately $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.1 %

NYSE:ABBV opened at $183.09 on Thursday. The stock has a market capitalization of $323.55 billion, a price-to-earnings ratio of 63.57, a PEG ratio of 2.02 and a beta of 0.63. AbbVie Inc. has a 52 week low of $137.65 and a 52 week 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 firm has a 50 day moving average of $188.65 and a 200 day moving average of $181.59.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the firm earned $2.95 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate 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 paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. 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 3.58%. AbbVie’s dividend payout ratio (DPR) is 215.28%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ABBV shares. BMO Capital Markets decreased their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. JPMorgan Chase & Co. decreased their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. UBS Group upped their price target on shares of AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Truist Financial raised their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company boosted their price objective on shares of AbbVie to $195.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $203.50.

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.