Providence Capital Advisors LLC Buys 118 Shares of AbbVie Inc. (NYSE:ABBV)

Providence Capital Advisors LLC increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 16,219 shares of the company’s stock after acquiring an additional 118 shares during the quarter. Providence Capital Advisors LLC’s holdings in AbbVie were worth $3,203,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BBR Partners LLC boosted its holdings in shares of AbbVie by 12.0% during the 3rd quarter. BBR Partners LLC now owns 61,465 shares of the company’s stock worth $12,138,000 after buying an additional 6,578 shares during the period. RPg Family Wealth Advisory LLC acquired a new stake in AbbVie in the 3rd quarter worth about $28,000. CreativeOne Wealth LLC raised its stake in AbbVie by 30.2% in the 3rd quarter. CreativeOne Wealth LLC now owns 37,526 shares of the company’s stock worth $7,411,000 after purchasing an additional 8,706 shares in the last quarter. Blueshift Asset Management LLC raised its stake in AbbVie by 12.2% in the 3rd quarter. Blueshift Asset Management LLC now owns 6,789 shares of the company’s stock worth $1,341,000 after purchasing an additional 738 shares in the last quarter. Finally, Cynosure Group LLC raised its stake in AbbVie by 17.6% in the 3rd quarter. Cynosure Group LLC now owns 2,630 shares of the company’s stock worth $519,000 after purchasing an additional 394 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.1 %

Shares of AbbVie stock opened at $183.09 on Thursday. AbbVie Inc. has a 1 year low of $137.65 and a 1 year high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. The firm has a market capitalization of $323.55 billion, a PE ratio of 63.57, a price-to-earnings-growth ratio of 2.02 and a beta of 0.63. The firm’s 50 day moving average is $188.65 and its 200 day moving average is $181.59.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping 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 firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period in the previous year, the firm posted $2.95 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders 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 3.58%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ABBV shares. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Truist Financial lifted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. BMO Capital Markets dropped their target price on shares of AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Finally, Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Three research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $203.50.

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.