Cadence Bank Purchases 688 Shares of AbbVie Inc. (NYSE:ABBV)

Cadence Bank grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 100,082 shares of the company’s stock after acquiring an additional 688 shares during the quarter. AbbVie makes up 1.4% of Cadence Bank’s investment portfolio, making the stock its 15th biggest position. Cadence Bank’s holdings in AbbVie were worth $19,764,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ABBV. Fairway Wealth LLC purchased a new stake in AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the second quarter valued at approximately $27,000. Quest Partners LLC raised its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new stake in AbbVie in the third quarter worth $39,000. Finally, Mizuho Securities Co. Ltd. boosted its holdings in AbbVie by 100.0% in the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after acquiring an additional 100 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 2.3 %

Shares of NYSE:ABBV opened at $181.16 on Wednesday. The stock has a 50 day moving average of $188.85 and a 200 day moving average of $181.58. The company has a market cap of $320.14 billion, a PE ratio of 62.90, a price-to-earnings-growth ratio of 2.16 and a beta of 0.63. AbbVie Inc. has a 12-month low of $137.65 and a 12-month high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last announced 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 firm 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% on a year-over-year basis. During the same period last year, the firm earned $2.95 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is 227.78%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ABBV. JPMorgan Chase & Co. cut their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company boosted their price target on AbbVie to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Finally, Guggenheim increased their target price on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Three analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie 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.