First Horizon Advisors Inc. Purchases 2,014 Shares of AbbVie Inc. (NYSE:ABBV)

First Horizon Advisors Inc. boosted its position in AbbVie Inc. (NYSE:ABBV) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 174,125 shares of the company’s stock after purchasing an additional 2,014 shares during the quarter. AbbVie makes up 1.0% of First Horizon Advisors Inc.’s portfolio, making the stock its 26th biggest position. First Horizon Advisors Inc.’s holdings in AbbVie were worth $34,386,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its stake in AbbVie by 16.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 19,751 shares of the company’s stock valued at $3,900,000 after purchasing an additional 2,838 shares during the period. Howe & Rusling Inc. boosted its holdings in shares of AbbVie by 16.2% in the 3rd quarter. Howe & Rusling Inc. now owns 73,277 shares of the company’s stock worth $14,471,000 after purchasing an additional 10,205 shares during the period. Jennison Associates LLC boosted its holdings in shares of AbbVie by 9.2% in the 3rd quarter. Jennison Associates LLC now owns 1,731,278 shares of the company’s stock worth $341,893,000 after purchasing an additional 145,542 shares during the period. Strategy Asset Managers LLC purchased a new position in shares of AbbVie in the 3rd quarter worth approximately $324,000. Finally, Sachetta LLC boosted its holdings in AbbVie by 3.6% during the 3rd quarter. Sachetta LLC now owns 5,788 shares of the company’s stock valued at $1,143,000 after acquiring an additional 201 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ABBV shares. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. Piper Sandler increased their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Wolfe Research assumed coverage on AbbVie in a report on Friday, November 15th. They set an “outperform” rating and a $205.00 target price on the stock. Finally, Barclays raised their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $203.37.

AbbVie Trading Up 0.2 %

AbbVie stock opened at $166.58 on Wednesday. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. The firm has a market cap of $294.37 billion, a price-to-earnings ratio of 57.84, a price-to-earnings-growth ratio of 2.01 and a beta of 0.63. AbbVie Inc. has a 1 year low of $137.14 and a 1 year high of $207.32. The firm’s 50 day moving average price is $190.79 and its two-hundred day moving average price is $181.10.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter last year, the business posted $2.95 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.94%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 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.