Accredited Investors Inc. Acquires 1,246 Shares of AbbVie Inc. (NYSE:ABBV)

Accredited Investors Inc. boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 18.6% in the third quarter, Holdings Channel reports. The firm owned 7,932 shares of the company’s stock after purchasing an additional 1,246 shares during the quarter. Accredited Investors Inc.’s holdings in AbbVie were worth $1,566,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC acquired a new stake in AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the second quarter valued at $27,000. Quest Partners LLC boosted its stake in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the 3rd quarter worth about $39,000. Finally, Mizuho Securities Co. Ltd. increased its position in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 100 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Down 2.7 %

NYSE ABBV opened at $164.99 on Friday. The company has a market capitalization of $291.56 billion, a PE ratio of 57.29, a P/E/G ratio of 2.07 and a beta of 0.63. AbbVie Inc. has a 12 month low of $137.05 and a 12 month high of $207.32. The stock has a 50-day simple moving average of $192.04 and a 200 day simple moving average of $180.91. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last announced its quarterly 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 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period in the prior year, the business posted $2.95 EPS. AbbVie’s revenue was up 3.8% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a positive change 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 3.98%. AbbVie’s payout ratio is 227.78%.

Analysts Set New Price Targets

Several brokerages have weighed in on ABBV. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley cut their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a report on Tuesday, November 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $203.89.

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.