Avidian Wealth Enterprises LLC Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

Avidian Wealth Enterprises LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,022 shares of the company’s stock after buying an additional 353 shares during the period. Avidian Wealth Enterprises LLC’s holdings in AbbVie were worth $3,164,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. China Universal Asset Management Co. Ltd. bought a new stake in shares of AbbVie during the 1st quarter valued at $646,000. Quent Capital LLC lifted its holdings in shares of AbbVie by 3.3% in the first quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock worth $1,592,000 after buying an additional 283 shares in the last quarter. 9258 Wealth Management LLC boosted its position in shares of AbbVie by 1.6% in the first quarter. 9258 Wealth Management LLC now owns 17,183 shares of the company’s stock valued at $3,129,000 after acquiring an additional 274 shares during the period. Vista Capital Partners Inc. purchased a new position in AbbVie during the first quarter valued at approximately $200,000. Finally, Hemenway Trust Co LLC increased its holdings in AbbVie by 12.2% during the 1st quarter. Hemenway Trust Co LLC now owns 31,848 shares of the company’s stock worth $5,799,000 after acquiring an additional 3,472 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent analyst reports. TD Cowen boosted their price target on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. UBS Group lifted their price target on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Barclays lifted their target price 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. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

AbbVie Stock Up 0.6 %

Shares of ABBV opened at $201.69 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business has a fifty day moving average of $194.29 and a 200 day moving average of $180.10. The company has a market cap of $356.25 billion, a PE ratio of 70.03, a P/E/G ratio of 2.54 and a beta of 0.63. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a return on equity of 226.99% and a net margin of 9.22%. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $2.95 EPS. On average, sell-side 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 issued a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

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.