Canopy Partners LLC Increases Stock Position in AbbVie Inc. (NYSE:ABBV)

Canopy Partners LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,356 shares of the company’s stock after purchasing an additional 59 shares during the quarter. Canopy Partners LLC’s holdings in AbbVie were worth $860,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Legal & General Group Plc increased its position in AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after buying an additional 134,239 shares during the period. Janus Henderson Group PLC increased its position in AbbVie by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after acquiring an additional 1,240,434 shares during the period. Massachusetts Financial Services Co. MA raised its stake in AbbVie by 4.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after acquiring an additional 373,802 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of AbbVie by 7.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock valued at $1,516,358,000 after purchasing an additional 623,569 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in AbbVie by 8.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,051,598 shares of the company’s stock valued at $866,450,000 after buying an additional 381,871 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research analyst reports. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a research note on Friday. Wells Fargo & Company raised their price objective on AbbVie to $195.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, UBS Group upped their target price on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie Stock Up 3.0 %

NYSE:ABBV opened at $176.94 on Friday. The firm has a market capitalization of $312.68 billion, a price-to-earnings ratio of 61.44, a PEG ratio of 2.09 and a beta of 0.63. AbbVie Inc. has a 1-year low of $137.65 and a 1-year high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The business’s fifty day moving average price is $189.47 and its 200 day moving average price is $181.04.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter in the prior year, the company posted $2.95 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.71%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is 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.