Abacus Planning Group Inc. Purchases 743 Shares of AbbVie Inc. (NYSE:ABBV)

Abacus Planning Group Inc. increased its position in AbbVie Inc. (NYSE:ABBV) by 50.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,212 shares of the company’s stock after purchasing an additional 743 shares during the quarter. Abacus Planning Group Inc.’s holdings in AbbVie were worth $437,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Capital International Sarl increased its stake in AbbVie by 2.9% in the fourth quarter. Capital International Sarl now owns 30,222 shares of the company’s stock valued at $4,684,000 after purchasing an additional 863 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of AbbVie by 1.5% during the fourth quarter. 1832 Asset Management L.P. now owns 58,817 shares of the company’s stock worth $9,115,000 after acquiring an additional 864 shares during the period. Envestnet Asset Management Inc. lifted its position in AbbVie by 3.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 4,569,981 shares of the company’s stock valued at $708,210,000 after acquiring an additional 172,672 shares in the last quarter. Morningstar Investment Services LLC boosted its position in shares of AbbVie by 110.6% during the fourth quarter. Morningstar Investment Services LLC now owns 10,694 shares of the company’s stock worth $1,655,000 after buying an additional 5,616 shares during the period. Finally, Lokken Investment Group LLC boosted its position in AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock worth $258,000 after acquiring an additional 58 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ABBV. BMO Capital Markets raised their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Barclays raised their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, AbbVie presently has a consensus rating of “Buy” and an average price target of $191.64.

AbbVie Stock Down 0.1 %

NYSE:ABBV opened at $196.74 on Thursday. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company has a market cap of $347.42 billion, a PE ratio of 58.38, a P/E/G ratio of 2.65 and a beta of 0.64. The firm’s 50 day simple moving average is $192.90 and its 200 day simple moving average is $176.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.91 earnings per share. On average, research analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.15%. AbbVie’s payout ratio is 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value 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 $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.