Adell Harriman & Carpenter Inc. Acquires 845 Shares of AbbVie Inc. (NYSE:ABBV)

Adell Harriman & Carpenter Inc. increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% during the third quarter, HoldingsChannel reports. The fund owned 171,741 shares of the company’s stock after acquiring an additional 845 shares during the quarter. AbbVie makes up about 2.5% of Adell Harriman & Carpenter Inc.’s portfolio, making the stock its 11th biggest holding. Adell Harriman & Carpenter Inc.’s holdings in AbbVie were worth $33,916,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ABBV. Childress Capital Advisors LLC grew its holdings in shares of AbbVie by 1.9% during the 3rd quarter. Childress Capital Advisors LLC now owns 6,623 shares of the company’s stock worth $1,308,000 after purchasing an additional 121 shares in the last quarter. Highview Capital Management LLC DE lifted its position in AbbVie by 4.4% in the third quarter. Highview Capital Management LLC DE now owns 5,133 shares of the company’s stock worth $1,014,000 after purchasing an additional 217 shares during the period. Jacobsen Capital Management boosted its stake in AbbVie by 17.6% during the third quarter. Jacobsen Capital Management now owns 3,148 shares of the company’s stock worth $622,000 after buying an additional 470 shares in the last quarter. Fidelis Capital Partners LLC increased its holdings in AbbVie by 7.7% in the 3rd quarter. Fidelis Capital Partners LLC now owns 24,745 shares of the company’s stock valued at $4,649,000 after buying an additional 1,778 shares during the period. Finally, Valmark Advisers Inc. lifted its holdings in shares of AbbVie by 13.5% during the 3rd quarter. Valmark Advisers Inc. now owns 7,483 shares of the company’s stock worth $1,478,000 after acquiring an additional 890 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 0.1 %

Shares of ABBV opened at $189.50 on Wednesday. The stock’s fifty day simple moving average is $193.75 and its 200-day simple moving average is $178.75. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $334.63 billion, a PE ratio of 56.23, a price-to-earnings-growth 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.

AbbVie Announces Dividend

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

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent research reports. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Bank of America boosted their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Sanford C. Bernstein started coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective for the company. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, UBS Group increased their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $199.39.

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.