Canopy Partners LLC Buys 59 Shares of AbbVie Inc. (NYSE:ABBV)

Canopy Partners LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,356 shares of the company’s stock after acquiring an additional 59 shares during the period. Canopy Partners LLC’s holdings in AbbVie were worth $860,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. Atlanta Consulting Group Advisors LLC acquired a new position in shares of AbbVie during the 3rd quarter worth approximately $999,000. Saturna Capital Corp raised its position in shares of AbbVie by 486.1% in the third quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock valued at $133,531,000 after purchasing an additional 560,808 shares during the period. First Hawaiian Bank lifted its stake in shares of AbbVie by 9.0% during the 2nd 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 during the last quarter. PGGM Investments boosted its holdings in shares of AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after buying an additional 24,756 shares during the period. Finally, Avior Wealth Management LLC raised its holdings in AbbVie by 23.5% in the 3rd quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock valued at $11,169,000 after acquiring an additional 10,768 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ABBV. Citigroup decreased their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Wolfe Research began coverage on AbbVie in a report on Friday, November 15th. They set an “outperform” rating and a $205.00 target price for the company. Barclays raised their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Finally, Morgan Stanley cut their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.50.

AbbVie Stock Performance

AbbVie stock opened at $176.94 on Friday. The business has a 50 day moving average of $189.47 and a 200-day moving average of $181.04. The company has a market capitalization of $312.68 billion, a P/E ratio of 61.44, a P/E/G 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 debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

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, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same quarter last year, the firm earned $2.95 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research analysts predict that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.71%. AbbVie’s dividend payout ratio is presently 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.