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

Arvest Investments Inc. grew its holdings in AbbVie Inc. (NYSE:ABBV) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,244 shares of the company’s stock after purchasing 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.

Other large investors have also made changes to their positions in the company. Crossmark Global Holdings Inc. boosted its stake in AbbVie by 1.3% during the third quarter. Crossmark Global Holdings Inc. now owns 80,827 shares of the company’s stock worth $15,962,000 after buying an additional 1,045 shares during the last quarter. Tyler Stone Wealth Management boosted its position in shares of AbbVie by 131.9% during the 3rd quarter. Tyler Stone Wealth Management now owns 4,469 shares of the company’s stock valued at $883,000 after acquiring an additional 2,542 shares during the last quarter. Baker Avenue Asset Management LP grew its holdings in shares of AbbVie by 8.8% in the third quarter. Baker Avenue Asset Management LP now owns 110,164 shares of the company’s stock valued at $21,755,000 after purchasing an additional 8,878 shares during the period. Legacy Capital Wealth Partners LLC increased its position in AbbVie by 9.1% during the third quarter. Legacy Capital Wealth Partners LLC now owns 4,469 shares of the company’s stock worth $883,000 after purchasing an additional 371 shares during the last quarter. Finally, HTG Investment Advisors Inc. purchased a new position in AbbVie during the third quarter worth about $207,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group lifted their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. TD Cowen boosted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.82.

AbbVie Stock Performance

NYSE ABBV traded down $1.01 on Friday, hitting $199.50. 4,596,949 shares of the company’s stock were exchanged, compared to its average volume of 5,356,025. 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 firm’s 50-day moving average price is $194.58 and its two-hundred day moving average price is $180.69. The firm has a market cap of $352.54 billion, a price-to-earnings ratio of 69.27, a P/E/G ratio of 2.46 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company 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%. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 earnings per share. On average, research analysts expect that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is presently 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.