Sitrin Capital Management LLC Invests $778,000 in AbbVie Inc. (NYSE:ABBV)

Sitrin Capital Management LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,942 shares of the company's stock, valued at approximately $778,000.

Several other hedge funds have also recently bought and sold shares of ABBV. Vanguard Group Inc. boosted its stake in shares of AbbVie by 6.2% during the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company's stock valued at $31,025,605,000 after buying an additional 9,978,415 shares during the period. International Assets Investment Management LLC raised its holdings in shares of AbbVie by 1,745.0% during the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company's stock worth $933,698,000 after acquiring an additional 4,471,806 shares in the last quarter. Capital World Investors boosted its position in AbbVie by 249.1% during the first quarter. Capital World Investors now owns 4,373,184 shares of the company's stock valued at $796,357,000 after purchasing an additional 3,120,310 shares during the last quarter. Capital International Investors grew its stake in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company's stock valued at $8,758,789,000 after purchasing an additional 3,110,601 shares in the last quarter. Finally, TD Asset Management Inc increased its position in AbbVie by 156.0% in the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company's stock worth $632,619,000 after purchasing an additional 2,116,997 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ABBV. Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They issued a "market perform" rating and a $203.00 price objective on the stock. Bank of America increased their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a "neutral" rating in a research note on Friday, October 18th. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an "overweight" rating in a research note on Friday, August 23rd. TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a "buy" rating in a research report on Monday, October 7th. Finally, Morgan Stanley raised their target price on AbbVie from $218.00 to $231.00 and gave the company an "overweight" rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $201.00.

AbbVie Stock Performance

ABBV traded down $0.32 on Friday, hitting $203.55. 4,349,404 shares of the stock traded hands, compared to its average volume of 5,328,718. The business has a fifty day moving average price of $194.00 and a two-hundred day moving average price of $179.09. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $359.54 billion, a PE ratio of 70.83, a P/E/G ratio of 2.76 and a beta of 0.63. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $14.46 billion for the quarter, compared to analysts' expectations of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. AbbVie's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.95 earnings per share. On average, research analysts predict that AbbVie Inc. will post 10.9 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.22%. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie's dividend payout ratio (DPR) is presently 215.28%.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company's stock in a transaction that occurred 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 directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.25% of the stock is owned by company insiders.

AbbVie Profile

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.