Elevated Capital Advisors LLC Increases Position in AbbVie Inc. (NYSE:ABBV)

Elevated Capital Advisors LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 20.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,712 shares of the company’s stock after acquiring an additional 1,995 shares during the period. Elevated Capital Advisors LLC’s holdings in AbbVie were worth $2,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. Pine Haven Investment Counsel Inc raised its position in shares of AbbVie by 0.3% in the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock worth $3,575,000 after buying an additional 52 shares during the period. Frisch Financial Group Inc. increased its stake in AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after acquiring an additional 53 shares during the last quarter. First Citizens Financial Corp raised its holdings in shares of AbbVie by 0.9% in the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after purchasing an additional 53 shares during the period. Sunflower Bank N.A. lifted its stake in shares of AbbVie by 0.4% in the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after purchasing an additional 53 shares in the last quarter. Finally, Professional Financial Advisors LLC grew its holdings in shares of AbbVie by 3.4% during the 3rd quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock worth $323,000 after purchasing an additional 54 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.2 %

Shares of NYSE:ABBV opened at $188.78 on Wednesday. The firm has a market cap of $333.36 billion, a PE ratio of 56.02, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a fifty day simple moving average of $194.32 and a 200 day simple moving average of $178.01. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

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

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Bank of America lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Barclays lifted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. TD Cowen upped their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets raised their target price on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $198.47.

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.