Pekin Hardy Strauss Inc. Has $6.83 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Pekin Hardy Strauss Inc. lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the third quarter, HoldingsChannel.com reports. The firm owned 34,591 shares of the company’s stock after selling 344 shares during the quarter. AbbVie accounts for approximately 0.9% of Pekin Hardy Strauss Inc.’s portfolio, making the stock its 26th biggest holding. Pekin Hardy Strauss Inc.’s holdings in AbbVie were worth $6,831,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc increased its position in shares of AbbVie by 0.9% during the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after buying an additional 134,239 shares during the period. Janus Henderson Group PLC boosted its position in AbbVie by 12.8% during the first quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after acquiring an additional 1,240,434 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in AbbVie by 4.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock worth $1,842,642,000 after acquiring an additional 373,802 shares during the period. Dimensional Fund Advisors LP grew its holdings in AbbVie by 7.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock worth $1,516,358,000 after acquiring an additional 623,569 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of AbbVie by 8.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 5,051,598 shares of the company’s stock worth $866,450,000 after acquiring an additional 381,871 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $176.95 on Friday. The company has a market capitalization of $312.70 billion, a PE ratio of 61.44, a PEG ratio of 2.09 and a beta of 0.63. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The stock’s 50 day moving average price is $189.47 and its 200-day moving average price is $181.17. AbbVie Inc. has a twelve month low of $137.65 and a twelve month high of $207.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the firm earned $2.95 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts anticipate that AbbVie Inc. will post 10.95 EPS for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.71%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 215.28%.

Analyst Ratings Changes

ABBV has been the subject of several recent analyst reports. Morgan Stanley decreased their target price on AbbVie from $231.00 to $224.00 and set an “overweight” rating for the company in a research note on Tuesday, November 12th. JPMorgan Chase & Co. cut their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Guggenheim lifted their price objective on shares of AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price for the company in a research report on Friday. Finally, Bank of America increased their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $203.50.

AbbVie 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.