Advisor Resource Council Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Advisor Resource Council purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,722 shares of the company’s stock, valued at approximately $735,000.

Other institutional investors have also recently made changes to their positions in the company. First Hawaiian Bank increased its position in AbbVie by 9.0% in the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after buying an additional 2,657 shares in the last quarter. PGGM Investments increased its holdings in AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 shares in the last quarter. Foresight Capital Management Advisors Inc. bought a new stake in AbbVie during the 2nd quarter worth approximately $1,349,000. Sumitomo Life Insurance Co. lifted its holdings in AbbVie by 29.6% during the third quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock valued at $5,333,000 after purchasing an additional 6,161 shares in the last quarter. Finally, Ullmann Wealth Partners Group LLC boosted its position in shares of AbbVie by 109.1% in the third quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock worth $1,249,000 after purchasing an additional 3,301 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $201.20 on Thursday. The company’s 50-day simple moving average is $194.41 and its 200-day simple moving average is $180.25. The stock has a market capitalization of $355.39 billion, a price-to-earnings ratio of 69.86, a PEG ratio of 2.54 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a one year low of $135.85 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share 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 the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.95 EPS. Equities analysts anticipate that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business 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 is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.26%. AbbVie’s payout ratio is presently 215.28%.

Analysts Set New Price Targets

Several brokerages have recently commented on ABBV. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Guggenheim upped their price target on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.72.

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.