German American Bancorp Inc. Boosts Stake in AbbVie Inc. (NYSE:ABBV)

German American Bancorp Inc. lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 11.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 27,382 shares of the company’s stock after acquiring an additional 2,751 shares during the quarter. German American Bancorp Inc.’s holdings in AbbVie were worth $5,407,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ABBV. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the second quarter valued at $27,000. Quest Partners LLC increased its position in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the last quarter. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter valued at $39,000. Finally, Mizuho Securities Co. Ltd. grew its stake in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the period. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Barclays boosted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Truist Financial boosted their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, TD Cowen raised their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $203.37.

AbbVie Trading Up 0.7 %

Shares of ABBV opened at $167.74 on Thursday. AbbVie Inc. has a 1-year low of $137.65 and a 1-year high of $207.32. The company has a market capitalization of $296.42 billion, a P/E ratio of 58.24, a P/E/G ratio of 2.01 and a beta of 0.63. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm’s 50 day simple moving average is $190.25 and its 200 day simple moving average is $181.01.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter last year, the company posted $2.95 EPS. The business’s quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 10.95 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed 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. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is presently 215.28%.

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.