Apella Capital LLC Acquires 501 Shares of AbbVie Inc. (NYSE:ABBV)

Apella Capital LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 6.6% in the third quarter, Holdings Channel.com reports. The fund owned 8,070 shares of the company’s stock after purchasing an additional 501 shares during the period. Apella Capital LLC’s holdings in AbbVie were worth $1,588,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. 1832 Asset Management L.P. raised its holdings in AbbVie by 1.5% in the fourth quarter. 1832 Asset Management L.P. now owns 58,817 shares of the company’s stock worth $9,115,000 after purchasing an additional 864 shares in the last quarter. Morningstar Investment Services LLC raised its holdings in AbbVie by 110.6% in the fourth quarter. Morningstar Investment Services LLC now owns 10,694 shares of the company’s stock worth $1,655,000 after purchasing an additional 5,616 shares in the last quarter. Cutler Capital Management LLC raised its holdings in AbbVie by 3.8% in the fourth quarter. Cutler Capital Management LLC now owns 3,815 shares of the company’s stock worth $591,000 after purchasing an additional 139 shares in the last quarter. Prudential PLC raised its holdings in AbbVie by 5.2% in the fourth quarter. Prudential PLC now owns 220,224 shares of the company’s stock worth $34,128,000 after purchasing an additional 10,933 shares in the last quarter. Finally, Schroder Investment Management Group raised its holdings in AbbVie by 3.3% in the fourth quarter. Schroder Investment Management Group now owns 1,893,531 shares of the company’s stock worth $293,440,000 after purchasing an additional 60,942 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.7 %

Shares of NYSE:ABBV opened at $195.38 on Friday. The stock has a market capitalization of $345.02 billion, a price-to-earnings ratio of 57.98, a PEG ratio of 2.65 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock’s 50-day simple moving average is $193.17 and its two-hundred day simple moving average is $176.74. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $2.91 earnings per share. Analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was 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 of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was 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 of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Truist Financial reissued a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Finally, Morgan Stanley increased their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Buy” and an average price target of $191.64.

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.