Hodges Capital Management Inc. Acquires 5,897 Shares of AbbVie Inc. (NYSE:ABBV)

Hodges Capital Management Inc. increased its position in AbbVie Inc. (NYSE:ABBV) by 10.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 62,953 shares of the company’s stock after purchasing an additional 5,897 shares during the quarter. AbbVie makes up about 1.1% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Hodges Capital Management Inc.’s holdings in AbbVie were worth $5,514,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Public Employees Retirement Association of Colorado lifted its stake in shares of AbbVie by 4.0% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 280,474 shares of the company’s stock valued at $21,369,000 after purchasing an additional 10,738 shares during the period. Gabelli Funds LLC lifted its stake in shares of AbbVie by 107.5% in the 1st quarter. Gabelli Funds LLC now owns 8,300 shares of the company’s stock valued at $632,000 after purchasing an additional 4,300 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of AbbVie by 56.8% in the 1st quarter. Thrivent Financial for Lutherans now owns 132,229 shares of the company’s stock valued at $10,082,000 after purchasing an additional 47,907 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of AbbVie in the 1st quarter valued at approximately $203,000. Finally, APG Asset Management N.V. lifted its stake in shares of AbbVie by 142.8% in the 1st quarter. APG Asset Management N.V. now owns 1,743,224 shares of the company’s stock valued at $132,816,000 after purchasing an additional 1,025,112 shares during the period. Institutional investors own 68.23% of the company’s stock.

ABBV stock opened at $86.27 on Friday. AbbVie Inc. has a 1-year low of $62.55 and a 1-year high of $101.28. The business has a fifty day moving average price of $89.38 and a 200-day moving average price of $90.44. The company has a debt-to-equity ratio of 5.57, a current ratio of 0.86 and a quick ratio of 0.70. The stock has a market capitalization of $152.25 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.42 and a beta of 0.74.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.14. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. The firm had revenue of $10.43 billion during the quarter, compared to analysts’ expectations of $10.14 billion. During the same quarter in the previous year, the business earned $2.26 earnings per share. The company’s revenue was up 26.3% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 10.44 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, October 15th will be issued a $1.18 dividend. This represents a $4.72 annualized dividend and a dividend yield of 5.47%. The ex-dividend date of this dividend is Wednesday, October 14th. AbbVie’s payout ratio is currently 52.80%.

ABBV has been the subject of a number of research analyst reports. Berenberg Bank assumed coverage on AbbVie in a research note on Tuesday, September 29th. They issued a “hold” rating and a $98.00 target price for the company. Atlantic Securities upgraded AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Tuesday, June 23rd. Morgan Stanley lifted their price objective on AbbVie from $95.00 to $108.00 and gave the company an “overweight” rating in a research note on Thursday, August 20th. Royal Bank of Canada lifted their price objective on AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Finally, Citigroup lifted their price objective on AbbVie from $98.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $108.63.

About AbbVie

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 Behçet'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, waldenström'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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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