First Dallas Securities Inc. bought a new stake in AbbVie Inc. (NYSE:ABBV) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 30,837 shares of the company’s stock, valued at approximately $2,701,000. AbbVie makes up about 3.0% of First Dallas Securities Inc.’s investment portfolio, making the stock its 8th biggest position.
A number of other institutional investors also recently made changes to their positions in the business. Hodges Capital Management Inc. lifted its holdings in shares of AbbVie by 10.3% during the 3rd quarter. Hodges Capital Management Inc. now owns 62,953 shares of the company’s stock worth $5,514,000 after acquiring an additional 5,897 shares during the last quarter. Manchester Financial Inc. raised its position in AbbVie by 24.9% during the third quarter. Manchester Financial Inc. now owns 1,666 shares of the company’s stock valued at $146,000 after purchasing an additional 332 shares in the last quarter. Diversified Trust Co lifted its stake in AbbVie by 1.4% during the third quarter. Diversified Trust Co now owns 20,643 shares of the company’s stock worth $1,808,000 after purchasing an additional 285 shares during the last quarter. Coastline Trust Co boosted its holdings in shares of AbbVie by 3.9% in the 3rd quarter. Coastline Trust Co now owns 28,031 shares of the company’s stock worth $2,455,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Bowling Portfolio Management LLC boosted its holdings in shares of AbbVie by 342.2% in the 3rd quarter. Bowling Portfolio Management LLC now owns 27,144 shares of the company’s stock worth $2,378,000 after purchasing an additional 21,006 shares in the last quarter. Institutional investors and hedge funds own 68.23% of the company’s stock.
A number of analysts recently weighed in on the company. Mizuho restated a “buy” rating and issued a $111.00 target price on shares of AbbVie in a research report on Sunday, September 27th. Morgan Stanley increased their target price on shares of AbbVie from $95.00 to $108.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. Berenberg Bank began coverage on shares of AbbVie in a research report on Tuesday, September 29th. They issued a “hold” rating and a $98.00 target price on the stock. Royal Bank of Canada upped their price target on shares of AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Finally, Citigroup lifted their price objective on AbbVie from $98.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $108.63.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.20 by $0.14. The firm had revenue of $10.43 billion for the quarter, compared to analysts’ expectations of $10.14 billion. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. During the same period in the previous year, the firm earned $2.26 earnings per share. The business’s revenue was up 26.3% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 10.44 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $1.18 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $4.72 annualized dividend and a yield of 5.47%. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal BehÃ§et's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenstrÃ¶m's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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