AbbVie Inc. (NYSE:ABBV) is Aviance Capital Partners LLC’s 2nd Largest Position

Aviance Capital Partners LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 0.3% in the third quarter, Holdings Channel reports. The fund owned 143,096 shares of the company’s stock after purchasing an additional 449 shares during the quarter. AbbVie makes up 3.7% of Aviance Capital Partners LLC’s holdings, making the stock its 2nd biggest holding. Aviance Capital Partners LLC’s holdings in AbbVie were worth $28,259,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ABBV. China Universal Asset Management Co. Ltd. purchased a new position in AbbVie in the first quarter worth $646,000. Quent Capital LLC lifted its stake in AbbVie by 3.3% in the 1st quarter. Quent Capital LLC now owns 8,740 shares of the company’s stock valued at $1,592,000 after buying an additional 283 shares in the last quarter. Seven Eight Capital LP purchased a new position in AbbVie in the 1st quarter valued at about $576,000. Evermay Wealth Management LLC lifted its stake in AbbVie by 1.6% in the 1st quarter. Evermay Wealth Management LLC now owns 7,584 shares of the company’s stock valued at $1,381,000 after buying an additional 118 shares in the last quarter. Finally, Crewe Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at about $582,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $166.26 on Tuesday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The stock has a market cap of $293.80 billion, a P/E ratio of 57.73, a P/E/G ratio of 2.01 and a beta of 0.63. The firm has a 50 day simple moving average of $191.44 and a 200 day simple moving average of $181.08. AbbVie Inc. has a 52 week low of $137.14 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last announced 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. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the previous year, the firm posted $2.95 earnings per share. AbbVie’s revenue was up 3.8% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.95%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is currently 215.28%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ABBV. Wells Fargo & Company raised their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Citigroup cut their price target on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. TD Cowen lifted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, UBS Group lifted their price objective on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $203.89.

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.