Advisor Resource Council Takes Position in AbbVie Inc. (NYSE:ABBV)

Advisor Resource Council acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 3,722 shares of the company’s stock, valued at approximately $735,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Graypoint LLC increased its position in AbbVie by 10.9% during the 3rd quarter. Graypoint LLC now owns 17,520 shares of the company’s stock worth $3,460,000 after buying an additional 1,720 shares during the period. Prudent Investors Network Inc. grew its stake in shares of AbbVie by 12.6% in the third quarter. Prudent Investors Network Inc. now owns 6,680 shares of the company’s stock valued at $1,319,000 after acquiring an additional 750 shares in the last quarter. Dechtman Wealth Management LLC increased its position in AbbVie by 9.8% during the third quarter. Dechtman Wealth Management LLC now owns 4,370 shares of the company’s stock worth $863,000 after acquiring an additional 389 shares during the period. Consilium Wealth Advisory LLC raised its stake in AbbVie by 270.1% in the 3rd quarter. Consilium Wealth Advisory LLC now owns 7,401 shares of the company’s stock worth $1,462,000 after purchasing an additional 5,401 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its position in shares of AbbVie by 2.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 69,133 shares of the company’s stock worth $13,652,000 after purchasing an additional 1,754 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent research reports. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. BMO Capital Markets boosted their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Wells Fargo & Company increased their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Guggenheim boosted their target price on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned 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 $202.72.

AbbVie Stock Down 0.2 %

ABBV opened at $201.20 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The business’s 50-day moving average price is $194.41 and its 200-day moving average price is $180.25. The company has a market cap of $355.39 billion, a P/E ratio of 69.86, a P/E/G ratio of 2.54 and a beta of 0.63. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share (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 company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the company posted $2.95 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.26%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio is 215.28%.

About AbbVie

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.