Clarity Financial LLC Has $32.93 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Clarity Financial LLC grew its stake in AbbVie Inc. (NYSE:ABBV) by 7.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,746 shares of the company’s stock after acquiring an additional 12,121 shares during the period. AbbVie accounts for approximately 3.8% of Clarity Financial LLC’s holdings, making the stock its 5th largest position. Clarity Financial LLC’s holdings in AbbVie were worth $32,929,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ABBV. First Hawaiian Bank lifted its position in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after acquiring an additional 2,657 shares during the last quarter. PGGM Investments increased its holdings in shares of AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after purchasing an additional 24,756 shares during the period. Foresight Capital Management Advisors Inc. bought a new position in shares of AbbVie during the second quarter worth approximately $1,349,000. Sumitomo Life Insurance Co. increased its holdings in shares of AbbVie by 29.6% during the third quarter. Sumitomo Life Insurance Co. now owns 27,003 shares of the company’s stock worth $5,333,000 after purchasing an additional 6,161 shares during the period. Finally, Ullmann Wealth Partners Group LLC increased its holdings in shares of AbbVie by 109.1% during the third quarter. Ullmann Wealth Partners Group LLC now owns 6,326 shares of the company’s stock worth $1,249,000 after purchasing an additional 3,301 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ABBV shares. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Sanford C. Bernstein started coverage on shares of AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. TD Cowen lifted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $201.00.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $200.47 on Tuesday. The firm has a market cap of $354.10 billion, a PE ratio of 69.61, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63. The firm’s fifty day moving average is $194.18 and its 200-day moving average is $179.85. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.95 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 10.97 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. 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. This represents a $6.56 annualized dividend and a yield of 3.27%. AbbVie’s payout ratio is presently 215.28%.

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.