First Horizon Advisors Inc. Buys 2,014 Shares of AbbVie Inc. (NYSE:ABBV)

First Horizon Advisors Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 1.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 174,125 shares of the company’s stock after acquiring an additional 2,014 shares during the quarter. AbbVie comprises 1.0% of First Horizon Advisors Inc.’s holdings, making the stock its 26th biggest holding. First Horizon Advisors Inc.’s holdings in AbbVie were worth $34,386,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fairway Wealth LLC bought a new stake in shares of AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the second quarter worth $27,000. Marquette Asset Management LLC bought a new position in shares of AbbVie in the third quarter valued at $39,000. Mizuho Securities Co. Ltd. lifted its stake in shares of 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 buying an additional 100 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of AbbVie in the third quarter valued at $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Truist Financial raised 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. Bank of America boosted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Sanford C. Bernstein began coverage on shares of AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Finally, Wells Fargo & Company upped their price target on shares of AbbVie to $195.00 and gave the stock a “buy” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $203.37.

AbbVie Stock Up 0.2 %

NYSE ABBV opened at $166.58 on Wednesday. AbbVie Inc. has a one year low of $137.14 and a one year high of $207.32. The company has a market cap of $294.37 billion, a P/E ratio of 57.84, a P/E/G ratio of 2.01 and a beta of 0.63. The business has a fifty day moving average price of $190.79 and a 200 day moving average price of $181.10. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The business had revenue of $14.46 billion during 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%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the company earned $2.95 EPS. Research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.94%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is 215.28%.

AbbVie Company 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.