Transform Wealth LLC Increases Stock Position in AbbVie Inc. (NYSE:ABBV)

Transform Wealth LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,306 shares of the company’s stock after purchasing an additional 1,166 shares during the period. AbbVie comprises about 1.1% of Transform Wealth LLC’s investment portfolio, making the stock its 15th biggest holding. Transform Wealth LLC’s holdings in AbbVie were worth $17,241,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Fairway Wealth LLC purchased a new position in shares of AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter valued at $27,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the period. Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie in the 1st quarter worth $37,000. Finally, Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter worth $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. TD Cowen raised their price objective on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. UBS Group upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Piper Sandler upped their price objective on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $198.00.

AbbVie Stock Performance

NYSE ABBV opened at $190.46 on Thursday. The business has a 50-day moving average price of $194.50 and a 200-day moving average price of $177.63. The firm has a market cap of $336.33 billion, a price-to-earnings ratio of 56.52, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.91 EPS. As a group, equities research analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.26%. 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.