AbbVie Inc. (NYSE:ABBV) Stake Increased by Covenant Partners LLC

Covenant Partners LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,313 shares of the company’s stock after purchasing an additional 135 shares during the period. AbbVie accounts for about 0.5% of Covenant Partners LLC’s investment portfolio, making the stock its 23rd biggest holding. Covenant Partners LLC’s holdings in AbbVie were worth $1,839,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Arkadios Wealth Advisors boosted its stake in shares of AbbVie by 10.9% in the 3rd quarter. Arkadios Wealth Advisors now owns 33,975 shares of the company’s stock valued at $6,709,000 after purchasing an additional 3,334 shares in the last quarter. Forsta AP Fonden raised its holdings in shares of AbbVie by 9.7% in the third quarter. Forsta AP Fonden now owns 452,762 shares of the company’s stock valued at $89,411,000 after purchasing an additional 40,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of AbbVie by 1.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 530,827 shares of the company’s stock valued at $102,187,000 after buying an additional 7,972 shares during the last quarter. BKM Wealth Management LLC acquired a new position in shares of AbbVie during the 3rd quarter worth approximately $298,000. Finally, Parcion Private Wealth LLC lifted its holdings in shares of AbbVie by 22.8% during the third quarter. Parcion Private Wealth LLC now owns 14,497 shares of the company’s stock worth $2,863,000 after buying an additional 2,693 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. UBS Group upped their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Bank of America raised their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, Sanford C. Bernstein initiated coverage on shares of AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective on the stock. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $199.39.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by company insiders.

AbbVie Trading Down 0.9 %

Shares of ABBV opened at $187.85 on Friday. The stock has a market capitalization of $331.72 billion, a P/E ratio of 55.74, a PEG ratio of 2.66 and a beta of 0.63. The firm has a fifty day simple moving average of $194.02 and a two-hundred day simple moving average of $178.34. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

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

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

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.