Old North State Trust LLC Has $1.47 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Old North State Trust LLC grew its position in AbbVie Inc. (NYSE:ABBV) by 1.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,432 shares of the company’s stock after purchasing an additional 95 shares during the period. AbbVie accounts for 1.2% of Old North State Trust LLC’s investment portfolio, making the stock its 16th biggest holding. Old North State Trust LLC’s holdings in AbbVie were worth $1,468,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brookstone Capital Management grew its stake in shares of AbbVie by 6.2% during the second quarter. Brookstone Capital Management now owns 88,188 shares of the company’s stock worth $15,457,000 after purchasing an additional 5,175 shares during the period. Gradient Investments LLC grew its stake in shares of AbbVie by 1.4% during the second quarter. Gradient Investments LLC now owns 95,207 shares of the company’s stock worth $16,330,000 after purchasing an additional 1,320 shares during the period. Foster Victor Wealth Advisors LLC grew its stake in shares of AbbVie by 13.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 2,312 shares of the company’s stock worth $391,000 after purchasing an additional 273 shares during the period. World Equity Group Inc. grew its stake in shares of AbbVie by 5.3% during the second quarter. World Equity Group Inc. now owns 8,096 shares of the company’s stock worth $1,388,000 after purchasing an additional 409 shares during the period. Finally, Everpar Advisors LLC grew its stake in shares of AbbVie by 5.5% during the second quarter. Everpar Advisors LLC now owns 4,718 shares of the company’s stock worth $809,000 after purchasing an additional 246 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

NYSE:ABBV opened at $173.16 on Friday. The stock’s 50-day simple moving average is $185.03 and its 200 day simple moving average is $182.68. The company has a market cap of $306.00 billion, a P/E ratio of 60.13, a P/E/G ratio of 1.92 and a beta of 0.58. 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 Inc. has a 52-week low of $151.29 and a 52-week high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 244.01% and a net margin of 9.22%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.95 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.96 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. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.79%. AbbVie’s dividend payout ratio is presently 215.28%.

Analyst Ratings Changes

ABBV has been the subject of a number of analyst reports. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Bank of America reiterated a “neutral” rating and set a $191.00 target price on shares of AbbVie in a report on Tuesday. Finally, Citigroup reduced their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $203.65.

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.