AbbVie Inc. (NYSE:ABBV) Stake Lifted by Old North State Trust LLC

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

Several other institutional investors and hedge funds also recently modified their holdings of ABBV. Brookstone Capital Management grew its stake in shares of AbbVie by 6.2% in 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 in the last quarter. Gradient Investments LLC lifted its holdings in shares of AbbVie by 1.4% during the second quarter. Gradient Investments LLC now owns 95,207 shares of the company’s stock valued at $16,330,000 after purchasing an additional 1,320 shares during the last quarter. Foster Victor Wealth Advisors LLC lifted its holdings 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 valued at $391,000 after purchasing an additional 273 shares during the last quarter. World Equity Group Inc. lifted its holdings 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 valued at $1,388,000 after purchasing an additional 409 shares during the last quarter. Finally, Everpar Advisors LLC lifted its holdings in shares of AbbVie by 5.5% during the second quarter. Everpar Advisors LLC now owns 4,718 shares of the company’s stock valued at $809,000 after purchasing an additional 246 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several analyst reports. Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. BMO Capital Markets reduced their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. Daiwa America downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Guggenheim upped their price target on AbbVie from $212.00 to $221.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, UBS Group upped their price target on AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $203.65.

AbbVie Price Performance

AbbVie stock opened at $173.16 on Friday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The company has a market capitalization of $306.00 billion, a PE ratio of 60.13, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58. AbbVie Inc. has a one year low of $151.29 and a one year high of $207.32. The business has a 50 day simple moving average of $185.03 and a 200 day simple moving average of $182.68.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. During the same period last year, the firm posted $2.95 EPS. The business’s revenue was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 10.96 EPS 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 dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.79%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

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.