Canal Capital Management LLC Has $6.11 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Canal Capital Management LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,919 shares of the company’s stock after purchasing an additional 317 shares during the period. Canal Capital Management LLC’s holdings in AbbVie were worth $6,106,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Pine Haven Investment Counsel Inc grew its position in shares of AbbVie by 0.3% in the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after buying an additional 52 shares during the last quarter. Frisch Financial Group Inc. lifted its stake in shares of AbbVie by 0.8% in the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after acquiring an additional 53 shares during the period. First Citizens Financial Corp boosted its holdings in AbbVie by 0.9% in the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after acquiring an additional 53 shares during the last quarter. Sunflower Bank N.A. increased its position in AbbVie by 0.4% during the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after purchasing an additional 53 shares during the period. Finally, Professional Financial Advisors LLC increased its position in AbbVie by 3.4% during the 3rd quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock valued at $323,000 after purchasing an additional 54 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Morgan Stanley boosted their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, TD Cowen raised their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $198.47.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE ABBV opened at $189.68 on Friday. The company has a market cap of $334.95 billion, a P/E ratio of 56.28, a PEG ratio of 2.66 and a beta of 0.63. The company has a fifty day simple moving average of $194.22 and a 200 day simple moving average of $178.08. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the business posted $2.91 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.