AbbVie Inc. (NYSE:ABBV) Stake Boosted by Violich Capital Management Inc.

Violich Capital Management Inc. raised its position in AbbVie Inc. (NYSE:ABBV) by 0.7% during the third quarter, Holdings Channel reports. The fund owned 117,261 shares of the company’s stock after acquiring an additional 775 shares during the period. AbbVie comprises approximately 3.0% of Violich Capital Management Inc.’s investment portfolio, making the stock its 9th biggest position. Violich Capital Management Inc.’s holdings in AbbVie were worth $23,157,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Fairway Wealth LLC bought a new position in AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie in the 2nd quarter worth $27,000. Quest Partners LLC raised its holdings 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. Redmont Wealth Advisors LLC bought a new position in AbbVie in the 1st quarter worth $37,000. Finally, Marquette Asset Management LLC bought a new stake in AbbVie during the third quarter valued at about $39,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

NYSE ABBV opened at $188.86 on Monday. The stock has a market capitalization of $333.50 billion, a PE ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The business has a 50 day simple moving average of $194.44 and a two-hundred day simple moving average of $177.74. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the business posted $2.91 earnings per share. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABBV. Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. UBS Group raised their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. BMO Capital Markets lifted their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Barclays increased their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $198.47.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.25% of the stock is owned by company insiders.

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.