Waterfront Wealth Inc. Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

Waterfront Wealth Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 25.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,189 shares of the company's stock after purchasing an additional 2,071 shares during the quarter. Waterfront Wealth Inc.'s holdings in AbbVie were worth $1,811,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. AMF Tjanstepension AB bought a new position in shares of AbbVie during the 3rd quarter worth approximately $8,777,000. Swedbank AB raised its stake in shares of AbbVie by 0.3% during the 3rd quarter. Swedbank AB now owns 2,147,126 shares of the company's stock worth $424,014,000 after acquiring an additional 6,810 shares in the last quarter. Howard Capital Management Group LLC raised its stake in shares of AbbVie by 20.3% during the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company's stock worth $397,000 after acquiring an additional 339 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in shares of AbbVie during the 3rd quarter worth approximately $1,186,000. Finally, Wallington Asset Management LLC bought a new position in shares of AbbVie during the 3rd quarter worth approximately $277,000. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

ABBV stock traded up $1.15 during midday trading on Friday, hitting $202.03. 5,879,957 shares of the stock traded hands, compared to its average volume of 5,370,269. The firm has a market cap of $356.64 billion, a P/E ratio of 84.18, a PEG ratio of 1.61 and a beta of 0.58. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.54. The stock's fifty day simple moving average is $181.25 and its 200-day simple moving average is $186.41. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same quarter last year, the business posted $2.79 EPS. On average, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.25%. AbbVie's dividend payout ratio (DPR) is 273.33%.

Insider Activity

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the firm's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares of the company's stock, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ABBV shares. Bank of America reiterated a "neutral" rating and set a $191.00 price objective on shares of AbbVie in a research note on Tuesday, December 10th. Leerink Partners raised shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target for the company in a report on Friday, November 22nd. Citigroup raised their price target on shares of AbbVie from $205.00 to $215.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. UBS Group raised their price target on shares of AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, Argus raised shares of AbbVie from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $208.35.

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.