Beacon Harbor Wealth Advisors Inc. Increases Holdings in AbbVie Inc. (NYSE:ABBV)

Beacon Harbor Wealth Advisors Inc. increased its stake in AbbVie Inc. (NYSE:ABBV) by 0.9% during the third quarter, according to its most recent filing with the SEC. The fund owned 38,190 shares of the company’s stock after buying an additional 337 shares during the quarter. AbbVie accounts for approximately 1.8% of Beacon Harbor Wealth Advisors Inc.’s portfolio, making the stock its 17th largest holding. Beacon Harbor Wealth Advisors Inc.’s holdings in AbbVie were worth $7,542,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the second quarter valued at $27,000. Quest Partners LLC lifted its position in shares of AbbVie by 4,140.0% during the 2nd 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 purchased a new stake in AbbVie in the 3rd quarter worth about $39,000. Finally, Burkett Financial Services LLC raised its stake in AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock valued at $43,000 after acquiring an additional 82 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $200.46 on Friday. AbbVie Inc. has a one year low of $135.85 and a one year high of $207.32. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market capitalization of $354.08 billion, a price-to-earnings ratio of 69.60, a PEG ratio of 2.51 and a beta of 0.63. The company’s fifty day moving average price is $194.41 and its 200-day moving average price is $180.25.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the prior year, the firm earned $2.95 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post 10.96 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 an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.27%. AbbVie’s payout ratio is presently 215.28%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. BMO Capital Markets increased their target price on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.72.

AbbVie Company 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.