AbbVie Inc. $ABBV Stock Bought by 180 Wealth Advisors LLC

Key Points

• 180 Wealth Advisors increased its AbbVie stake by 86% in the third quarter, ending the period with 11,964 shares valued at about $3.13 million. Institutional investors own 70.23% of the stock.
• Analyst sentiment is broadly positive: 22 analysts rate AbbVie a Buy and six a Hold, with a consensus price target of $297.46. Recent quarterly results also beat estimates, with revenue up 10.3% year over year.
• AbbVie raised its quarterly dividend from $1.73 to $1.82 per share, equivalent to an annualized $7.28 and a 2.5% yield.

180 Wealth Advisors LLC increased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 86.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,964 shares of the company's stock after buying an additional 5,531 shares during the period. 180 Wealth Advisors LLC's holdings in AbbVie were worth $3,130,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Buckhead Capital Management LLC acquired a new stake in AbbVie in the 3rd quarter valued at $256,000. StoneX Group Inc. raised its holdings in AbbVie by 1.7% during the third quarter. StoneX Group Inc. now owns 33,263 shares of the company's stock worth $8,701,000 after buying an additional 556 shares during the last quarter. Axiom Investment Management LLC lifted its stake in shares of AbbVie by 1.9% in the third quarter. Axiom Investment Management LLC now owns 4,898 shares of the company's stock valued at $1,281,000 after buying an additional 92 shares in the last quarter. Ethos Capital Management Inc. lifted its stake in shares of AbbVie by 12.1% in the third quarter. Ethos Capital Management Inc. now owns 11,531 shares of the company's stock valued at $3,017,000 after buying an additional 1,248 shares in the last quarter. Finally, Sierra Ocean LLC bought a new position in shares of AbbVie in the third quarter valued at $215,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ABBV has been the subject of several analyst reports. UBS Group increased their price objective on AbbVie from $275.00 to $295.00 and gave the stock a "neutral" rating in a research note on Monday, November 2nd. Bank of America reaffirmed a "buy" rating on shares of AbbVie in a research report on Tuesday, September 8th. Royal Bank Of Canada lifted their target price on AbbVie from $280.00 to $330.00 and gave the company an "outperform" rating in a research report on Monday, November 2nd. HSBC upped their price target on AbbVie from $300.00 to $315.00 and gave the stock a "buy" rating in a report on Thursday, September 10th. Finally, JPMorgan Chase & Co. increased their price target on AbbVie from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus target price of $297.46.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $291.51 on Friday. AbbVie Inc. has a 1 year low of $190.75 and a 1 year high of $302.93. The company has a market capitalization of $515.27 billion, a PE ratio of 50.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.20. The business has a fifty day moving average price of $271.98 and a two-hundred day moving average price of $239.04.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Friday, October 30th. The company reported $3.82 EPS for the quarter, topping analysts' consensus estimates of $3.73 by $0.09. AbbVie had a negative return on equity of 450.55% and a net margin of 15.67%. The company had revenue of $17.40 billion for the quarter, compared to analysts' expectations of $17.32 billion. During the same period in the previous year, the business posted $1.86 EPS. The business's revenue for the quarter was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 13.99 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Shareholders of record on Friday, January 15th will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.5%. This is a boost from AbbVie's previous quarterly dividend of $1.73. The ex-dividend date of this dividend is Friday, January 15th. AbbVie's payout ratio is currently 125.30%.

Key Headlines Impacting AbbVie

Here are the key news stories impacting AbbVie this week:

• Positive Sentiment: AbbVie’s third-quarter results beat expectations, with revenue of $17.4 billion, and the company raised its full-year adjusted earnings outlook. The earnings report has strengthened the growth case for the shares. AbbVie stock climbs as Q3 earnings fuel growth case
• Positive Sentiment: A licensing agreement with Nxera Pharma for an EP4 agonist gives AbbVie another potential inflammatory bowel disease treatment candidate. The deal may add to its pipeline as investors assess the durability of its newer growth drivers. Nxera licenses EP4 agonist to AbbVie
• Positive Sentiment: AbbVie recently reached a fresh high following its earnings beat and a dividend increase, while analysts remain broadly optimistic. This supports investor interest in the stock as a defensive healthcare name. AbbVie’s new growth engines face another test
• Negative Sentiment: AbbVie’s shares have already climbed substantially and are near their 52-week high, leaving less room for disappointment. Humira’s decline also means the company must continue demonstrating that newer products can sustain growth. The one thing to settle before buying AbbVie stock

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the transaction, the executive vice president owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is currently owned by company insiders.

About AbbVie

AbbVie is a biopharmaceutical company that discovers, develops and markets medicines for a range of serious health conditions. Its research and product portfolio spans immunology, oncology, neuroscience and other therapeutic areas.

Key products include the immunology medicines Skyrizi and Rinvoq, cancer treatments such as Imbruvica and Venclexta, and neuroscience therapies including Botox and Vraylar. Through its Allergan acquisition, AbbVie also offers aesthetics products such as Botox Cosmetic and Juvéderm.

AbbVie was established in 2013 as a spin-off from Abbott Laboratories and is headquartered in North Chicago, Illinois.

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