Acorn Wealth Advisors LLC Has $413,000 Position in AbbVie Inc. (NYSE:ABBV)

Acorn Wealth Advisors LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 7.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,089 shares of the company’s stock after selling 173 shares during the period. Acorn Wealth Advisors LLC’s holdings in AbbVie were worth $413,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Fairway Wealth LLC bought a new position in AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the 2nd quarter worth $27,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC acquired a new stake in AbbVie in the 3rd quarter valued at $39,000. Finally, Mizuho Securities Co. Ltd. increased its stake in AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent research reports. Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Morgan Stanley lowered their target price on shares of AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a report on Tuesday, November 12th. UBS Group lifted their price target on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Truist Financial raised their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $203.50.

AbbVie Stock Performance

AbbVie stock traded up $1.45 during trading on Monday, hitting $178.40. The stock had a trading volume of 633,778 shares, compared to its average volume of 5,499,240. AbbVie Inc. has a 1 year low of $137.65 and a 1 year high of $207.32. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock’s 50 day moving average is $189.47 and its two-hundred day moving average is $181.32. The stock has a market cap of $315.26 billion, a price-to-earnings ratio of 61.44, a price-to-earnings-growth ratio of 2.16 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.95 earnings per share. As a group, analysts predict that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The firm 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. This represents a $6.56 dividend on an annualized basis and a yield of 3.68%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is currently 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.