Van ECK Associates Corp Has $47.28 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Van ECK Associates Corp lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 11.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 251,650 shares of the company’s stock after acquiring an additional 25,248 shares during the quarter. Van ECK Associates Corp’s holdings in AbbVie were worth $47,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Prosperitas Financial LLC raised its holdings in AbbVie by 7.0% during the 3rd quarter. Prosperitas Financial LLC now owns 13,566 shares of the company’s stock worth $2,679,000 after purchasing an additional 885 shares during the last quarter. Allen Wealth Management LLC raised its stake in AbbVie by 16.1% during the third quarter. Allen Wealth Management LLC now owns 1,439 shares of the company’s stock worth $284,000 after buying an additional 200 shares during the last quarter. Carmichael Hill & Associates Inc. raised its stake in AbbVie by 1.1% during the third quarter. Carmichael Hill & Associates Inc. now owns 6,760 shares of the company’s stock worth $1,335,000 after buying an additional 71 shares during the last quarter. Optas LLC lifted its holdings in AbbVie by 15.6% in the third quarter. Optas LLC now owns 4,515 shares of the company’s stock valued at $892,000 after buying an additional 610 shares during the period. Finally, Private Management Group Inc. boosted its position in AbbVie by 6.5% during the third quarter. Private Management Group Inc. now owns 2,916 shares of the company’s stock valued at $576,000 after acquiring an additional 178 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ABBV. UBS Group lifted their price objective on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Morgan Stanley boosted their target price on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, BMO Capital Markets raised their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $201.00.

AbbVie Trading Down 0.2 %

NYSE ABBV opened at $203.55 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $359.54 billion, a P/E ratio of 70.68, a PEG ratio of 2.78 and a beta of 0.63. The business has a fifty day simple moving average of $194.12 and a 200 day simple moving average of $179.60. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period last year, the firm earned $2.95 earnings per share. The firm’s revenue was up 3.8% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 10.95 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. AbbVie’s dividend payout ratio is currently 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.