Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 16.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,751 shares of the company’s stock after purchasing an additional 2,838 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in AbbVie were worth $3,900,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fairway Wealth LLC bought a new position in AbbVie during the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the 2nd quarter valued at approximately $27,000. Quest Partners LLC increased its stake in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the 3rd quarter worth approximately $39,000. Finally, Mizuho Securities Co. Ltd. lifted its stake 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 purchasing an additional 100 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 3.0 %

Shares of NYSE:ABBV opened at $176.95 on Friday. The firm has a market capitalization of $312.70 billion, a PE ratio of 61.44, a price-to-earnings-growth ratio of 2.09 and a beta of 0.63. 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 $137.65 and a 52-week high of $207.32. The firm has a fifty day moving average of $189.47 and a 200 day moving average of $181.17.

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 analyst estimates of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company earned $2.95 EPS. As a group, research analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders 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 3.71%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analyst Weigh In

ABBV has been the topic of several research reports. JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective on the stock in a report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets dropped their price target on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Finally, Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $203.50.

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.