Connor Clark & Lunn Investment Management Ltd. grew its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 16.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,751 shares of the company's stock after purchasing an additional 2,838 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in AbbVie were worth $3,900,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Howe & Rusling Inc. grew its holdings in AbbVie by 16.2% during the 3rd quarter. Howe & Rusling Inc. now owns 73,277 shares of the company's stock worth $14,471,000 after acquiring an additional 10,205 shares during the last quarter. Jennison Associates LLC grew its stake in shares of AbbVie by 9.2% in the third 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 last quarter. Strategy Asset Managers LLC bought a new position in AbbVie during the 3rd quarter worth $324,000. Sachetta LLC lifted its holdings in AbbVie by 3.6% during the 3rd quarter. Sachetta LLC now owns 5,788 shares of the company's stock worth $1,143,000 after buying an additional 201 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of AbbVie in the 3rd quarter valued at about $8,169,000. 70.23% of the stock is currently owned by institutional investors.
A number of equities analysts have recently issued reports on the company. Citigroup lowered their price objective on AbbVie from $226.00 to $215.00 and set a "buy" rating for the company in a research report on Tuesday, November 12th. Leerink Partners upgraded shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target on the stock in a research report on Friday. Barclays increased their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an "overweight" rating in a research report on Monday, October 7th. Bank of America boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a "neutral" rating in a report on Friday, October 18th. Finally, TD Cowen increased their price target on AbbVie from $195.00 to $225.00 and gave the stock a "buy" rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $203.50.
View Our Latest Research Report on ABBV
NYSE:ABBV opened at $176.95 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. AbbVie Inc. has a one year low of $137.65 and a one year high of $207.32. The company has a market cap of $312.70 billion, a PE ratio of 61.44, a PEG ratio of 2.09 and a beta of 0.63. The firm has a 50-day moving average of $189.47 and a 200-day moving average of $181.17.
AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping 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 analyst estimates of $14.28 billion. During the same period in the previous year, the company posted $2.95 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 10.95 EPS for the current fiscal year.
The company also recently disclosed 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 3.71%. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie's payout ratio is currently 215.28%.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider AbbVie, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AbbVie wasn't on the list.
While AbbVie currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.