Tectonic Advisors LLC Grows Holdings in AbbVie Inc. (NYSE:ABBV)

Tectonic Advisors LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,325 shares of the company’s stock after purchasing an additional 3,946 shares during the quarter. Tectonic Advisors LLC’s holdings in AbbVie were worth $7,173,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rowlandmiller & PARTNERS.ADV boosted its holdings in AbbVie by 1.1% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 47,224 shares of the company’s stock worth $9,326,000 after purchasing an additional 535 shares during the last quarter. Dakota Wealth Management raised its position in AbbVie by 2.5% in the third quarter. Dakota Wealth Management now owns 40,988 shares of the company’s stock worth $8,094,000 after acquiring an additional 991 shares during the period. DT Investment Partners LLC raised its position in AbbVie by 0.8% in the third quarter. DT Investment Partners LLC now owns 30,855 shares of the company’s stock worth $6,093,000 after acquiring an additional 260 shares during the period. apricus wealth LLC raised its position in AbbVie by 1.1% in the third quarter. apricus wealth LLC now owns 19,370 shares of the company’s stock worth $3,825,000 after acquiring an additional 205 shares during the period. Finally, Global Trust Asset Management LLC raised its position in AbbVie by 4.9% in the third quarter. Global Trust Asset Management LLC now owns 4,475 shares of the company’s stock worth $884,000 after acquiring an additional 208 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on ABBV shares. Wells Fargo & Company lifted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. BMO Capital Markets lifted their price objective on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. 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 report on Thursday, October 10th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $189.68 on Friday. The company has a 50 day moving average of $194.22 and a 200 day moving average of $178.08. The stock has a market cap of $334.95 billion, a P/E ratio of 56.28, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.91 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.27%. AbbVie’s dividend payout ratio is currently 183.98%.

AbbVie Company 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.