Arvest Investments Inc. Raises Stock Position in AbbVie Inc. (NYSE:ABBV)

Arvest Investments Inc. boosted its stake in AbbVie Inc. (NYSE:ABBV) by 1.0% in the 3rd quarter, Holdings Channel reports. The firm owned 11,244 shares of the company’s stock after buying an additional 114 shares during the quarter. Arvest Investments Inc.’s holdings in AbbVie were worth $2,220,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Fairway Wealth LLC acquired a new stake in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the second quarter worth $27,000. Quest Partners LLC boosted its stake in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the last quarter. Marquette Asset Management LLC acquired a new position in AbbVie during the 3rd quarter worth $39,000. Finally, Burkett Financial Services LLC increased its position in shares of AbbVie by 61.2% in the 3rd quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after purchasing an additional 82 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.5 %

Shares of AbbVie stock traded down $1.01 on Friday, hitting $199.50. The company had a trading volume of 4,596,949 shares, compared to its average volume of 5,356,025. AbbVie Inc. has a twelve month low of $135.85 and a twelve month 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 0.71. The stock has a 50-day moving average of $194.58 and a 200-day moving average of $180.69. The firm has a market capitalization of $352.54 billion, a P/E ratio of 69.27, a P/E/G ratio of 2.46 and a beta of 0.63.

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. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the business posted $2.95 EPS. Research analysts predict that AbbVie Inc. will post 10.96 earnings per share for the current year.

AbbVie Increases Dividend

The firm 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 dividend of $1.64 per share. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ABBV. Piper Sandler raised their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Truist Financial lifted their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $205.82.

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.