AbbVie Inc. (NYSE:ABBV) Shares Bought by Peapack Gladstone Financial Corp

Peapack Gladstone Financial Corp boosted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 209,463 shares of the company's stock after acquiring an additional 10,697 shares during the period. Peapack Gladstone Financial Corp's holdings in AbbVie were worth $41,364,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ABBV. Atlanta Consulting Group Advisors LLC acquired a new stake in AbbVie during the third quarter worth approximately $999,000. Saturna Capital Corp raised its stake in AbbVie by 486.1% during the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company's stock worth $133,531,000 after acquiring an additional 560,808 shares in the last quarter. Avior Wealth Management LLC lifted its position in AbbVie by 23.5% in the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company's stock valued at $11,169,000 after acquiring an additional 10,768 shares during the last quarter. Schrum Private Wealth Management LLC grew its holdings in shares of AbbVie by 57.5% during the third quarter. Schrum Private Wealth Management LLC now owns 16,620 shares of the company's stock worth $3,282,000 after purchasing an additional 6,065 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of AbbVie by 8.3% during the third quarter. Venturi Wealth Management LLC now owns 77,864 shares of the company's stock worth $15,377,000 after purchasing an additional 5,993 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research reports. Guggenheim raised their price target on AbbVie from $212.00 to $221.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Morgan Stanley cut their target price on shares of AbbVie from $231.00 to $224.00 and set an "overweight" rating on the stock in a report on Tuesday, November 12th. Leerink Partners upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target for the company in a research note on Friday, November 22nd. Argus upgraded shares of AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. Finally, Daiwa Capital Markets downgraded shares of AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 target price for the company. in a research note on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $203.65.

AbbVie Price Performance

AbbVie stock traded up $0.18 during trading hours on Friday, hitting $173.37. The stock had a trading volume of 4,646,864 shares, compared to its average volume of 5,529,717. The stock has a market capitalization of $306.37 billion, a price-to-earnings ratio of 60.17, a PEG ratio of 1.92 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. AbbVie Inc. has a 1-year low of $151.29 and a 1-year high of $207.32. The stock's fifty day moving average is $185.03 and its two-hundred day moving average is $182.68.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period last year, the firm posted $2.95 EPS. The firm's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts predict that AbbVie Inc. will post 10.96 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.78%. AbbVie's dividend payout ratio (DPR) is presently 215.28%.

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.