Arvest Bank Trust Division Purchases New Shares in AbbVie Inc. (NYSE:ABBV)

Arvest Bank Trust Division acquired a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 91,224 shares of the company's stock, valued at approximately $18,015,000.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company's stock worth $15,614,329,000 after buying an additional 1,267,685 shares in the last quarter. Legal & General Group Plc lifted its stake in AbbVie by 0.9% in the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company's stock worth $2,620,382,000 after acquiring an additional 134,239 shares during the last quarter. FMR LLC grew its holdings in AbbVie by 3.9% during the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company's stock worth $2,691,732,000 after acquiring an additional 511,470 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of AbbVie by 6.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company's stock valued at $2,009,542,000 after purchasing an additional 582,953 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of AbbVie by 4.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company's stock valued at $1,842,642,000 after purchasing an additional 373,802 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research analyst reports. Citigroup cut their target price on AbbVie from $226.00 to $215.00 and set a "buy" rating on the stock in a research report on Tuesday, November 12th. Wolfe Research started coverage on shares of AbbVie in a report on Friday, November 15th. They issued an "outperform" rating and a $205.00 target price on the stock. Sanford C. Bernstein initiated coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a "market perform" rating and a $203.00 target price for the company. Guggenheim lifted their price objective on AbbVie from $212.00 to $221.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Finally, Argus raised shares of AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus price target of $203.65.

AbbVie Trading Down 0.7 %

NYSE:ABBV traded down $1.21 during mid-day trading on Thursday, hitting $173.16. The company had a trading volume of 4,996,870 shares, compared to its average volume of 5,533,200. The business's fifty day moving average is $185.48 and its two-hundred day moving average is $182.75. AbbVie Inc. has a fifty-two week low of $151.29 and a fifty-two week high of $207.32. The firm has a market cap of $306.00 billion, a P/E ratio of 60.51, a P/E/G ratio of 2.01 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $14.28 billion. During the same period in the previous year, the firm earned $2.95 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 10.95 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a boost from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.79%. AbbVie's payout ratio is presently 227.78%.

About AbbVie

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.