AbbVie Inc. (NYSE:ABBV) Shares Purchased by Drake & Associates LLC

Drake & Associates LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 4.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,312 shares of the company’s stock after purchasing an additional 300 shares during the quarter. AbbVie makes up 0.5% of Drake & Associates LLC’s portfolio, making the stock its 20th biggest holding. Drake & Associates LLC’s holdings in AbbVie were worth $1,444,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after acquiring an additional 9,978,415 shares during the last quarter. Capital World Investors increased its stake in AbbVie by 249.1% during the first quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock worth $796,357,000 after acquiring an additional 3,120,310 shares during the last quarter. Capital International Investors increased its stake in AbbVie by 6.9% during the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after acquiring an additional 3,110,601 shares during the last quarter. TD Asset Management Inc increased its stake in AbbVie by 156.0% during the first quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after acquiring an additional 2,116,997 shares during the last quarter. Finally, Swedbank AB acquired a new stake in AbbVie during the first quarter worth about $367,372,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 1.0 %

Shares of ABBV opened at $188.57 on Friday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a 50-day moving average price of $194.46 and a 200 day moving average price of $177.70. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a market capitalization of $332.99 billion, a P/E ratio of 55.96, a P/E/G ratio of 2.66 and a beta of 0.63.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays upped their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $198.69.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by company insiders.

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.