Toth Financial Advisory Corp has raised its investment in AbbVie Inc. (NYSE: ABBV) by 6.1% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The advisory firm now holds a total of 47,982 shares after acquiring an additional 2,744 shares in the last quarter. AbbVie represents approximately 1.2% of Toth’s investment portfolio, ranking as its 25th largest position. As of the end of the latest reporting period, Toth Financial Advisory’s holdings in AbbVie were valued at about $11.11 million.
Several other hedge funds have also adjusted their positions in AbbVie. Compton Wealth Advisory Group LLC increased its holdings by 1.7%, now owning 11,769 shares valued at $2.73 million after adding 202 shares. ACT Advisors LLC initiated a new position in AbbVie worth approximately $342,000 during the same period. LVM Capital Management Ltd. raised its stake by 1.4%, resulting in ownership of 169,664 shares worth $39.28 million following the acquisition of 2,326 shares.
Newman Dignan & Sheerar Inc. grew its position by 4.5%, now holding 4,220 shares valued at $977,000, while Central Bank & Trust Co. increased its stake by 7.1%, owning 2,236 shares worth $518,000. Institutional investors currently control 70.23% of AbbVie’s stock.
Stock Performance and Dividend Announcement
On Friday, AbbVie’s stock opened at $227.44. The company has experienced a 12-month low of $164.39 and a high of $244.81. Financial metrics show a quick ratio of 0.60, a current ratio of 0.72, and a debt-to-equity ratio of 44.14. AbbVie’s market capitalization stands at $401.98 billion, with a price-to-earnings ratio of 172.30 and a price-to-earnings-growth ratio of 1.29. The 50-day and 200-day moving averages are $226.63 and $211.14, respectively.
In addition to its stock performance, AbbVie has announced a quarterly dividend of $1.73 per share, set to be paid on February 17, 2024, to shareholders of record on January 16, 2024. This new dividend represents an annualized yield of 3.0%, a notable increase from the previous quarterly dividend of $1.64. The company’s dividend payout ratio currently stands at 496.97%.
Market Analyst Perspectives
Recent assessments from equity analysts reflect a mixed outlook for AbbVie. Wall Street Zen upgraded its rating from “buy” to “strong-buy” on December 13, 2023. Conversely, Citigroup reduced its price target from $240.00 to $235.00, maintaining a “neutral” stance. UBS Group raised its target from $195.00 to $220.00 while also keeping a “neutral” rating.
Guggenheim increased its price target from $227.00 to $242.00, assigning a “buy” rating. Scotiabank initiated coverage with a “sector outperform” rating and set a price objective of $280.00. Overall, three analysts currently offer a “strong buy” rating, thirteen recommend “buy,” and eight suggest a “hold.” The average rating is “moderate buy,” with a consensus target price of $245.84 according to MarketBeat.
AbbVie is a global, research-focused biopharmaceutical company that was established as a spin-off from Abbott Laboratories in 2013. Based in North Chicago, Illinois, AbbVie is dedicated to discovering, developing, and commercializing therapies for complex and chronic medical conditions, with an emphasis on specialty medicines across various therapeutic areas, including immunology, oncology, neuroscience, virology, and women’s health.
