Founders Grove Wealth Partners LLC Invests $423,000 in AbbVie Inc. (NYSE:ABBV)

Founders Grove Wealth Partners LLC bought a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,380 shares of the company's stock, valued at approximately $423,000.

Other institutional investors also recently made changes to their positions in the company. Groupama Asset Managment lifted its position in AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie in the third quarter valued at approximately $28,000. Quest Partners LLC raised its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company's stock valued at $36,000 after buying an additional 207 shares during the last quarter. Marquette Asset Management LLC acquired a new position in shares of AbbVie during the third quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. grew its holdings in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company's stock worth $39,000 after buying an additional 100 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Argus raised shares of AbbVie from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Piper Sandler Companies reiterated an "overweight" rating and issued a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. Leerink Partners upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target on the stock in a research report on Friday, November 22nd. Finally, Truist Financial decreased their price objective on shares of AbbVie from $215.00 to $211.00 and set a "buy" rating for the company in a report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $205.50.

AbbVie Trading Up 1.4 %

ABBV traded up $2.33 during trading on Thursday, reaching $173.68. The company had a trading volume of 5,228,250 shares, compared to its average volume of 5,333,275. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32. The company has a market cap of $306.91 billion, a price-to-earnings ratio of 60.30, a PEG ratio of 1.73 and a beta of 0.58. The firm's 50-day simple moving average is $176.88 and its 200 day simple moving average is $184.54.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the business earned $2.95 earnings per share. The firm's revenue was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post 10.06 earnings per share for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie's previous quarterly dividend of $1.55. AbbVie's dividend payout ratio (DPR) is 215.28%.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate 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.