BCS Wealth Management Boosts Stake in AbbVie Inc. (NYSE:ABBV)

BCS Wealth Management lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,798 shares of the company’s stock after buying an additional 92 shares during the period. BCS Wealth Management’s holdings in AbbVie were worth $1,145,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. West Coast Financial LLC boosted its holdings in shares of AbbVie by 9.7% during the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock valued at $287,000 after acquiring an additional 140 shares during the last quarter. FCG Investment Co purchased a new stake in AbbVie in the first quarter worth approximately $1,413,000. BluePath Capital Management LLC grew its position in AbbVie by 0.9% in the 1st quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after purchasing an additional 67 shares during the period. Palisade Asset Management LLC raised its stake in AbbVie by 65.6% during the 1st quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after buying an additional 38,562 shares during the last quarter. Finally, First Hawaiian Bank lifted its holdings in shares of AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

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

Several analysts recently commented on ABBV shares. Truist Financial lifted their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Sanford C. Bernstein assumed coverage on shares of AbbVie in a research note on Thursday. They issued a “market perform” rating and a $203.00 price objective on the stock. 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $198.69.

AbbVie Stock Performance

NYSE ABBV opened at $188.57 on Friday. The business has a 50-day moving average price of $194.46 and a 200-day moving average price of $177.70. The firm has a market cap of $332.99 billion, a price-to-earnings ratio of 55.96, 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 announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period last year, the firm posted $2.91 EPS. The company’s revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

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 paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.29%. The ex-dividend date is Tuesday, October 15th. AbbVie’s 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.