Boston Financial Mangement LLC Has $6.24 Million Stake in AbbVie Inc. (NYSE:ABBV)

Boston Financial Mangement LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,608 shares of the company’s stock after buying an additional 1,284 shares during the period. Boston Financial Mangement LLC’s holdings in AbbVie were worth $6,242,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other AbbVie 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 transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ABBV shares. Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Finally, Piper Sandler raised their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $199.39.

AbbVie Stock Performance

AbbVie stock opened at $189.67 on Tuesday. The firm’s fifty day moving average price is $193.88 and its 200-day moving average price is $178.56. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a market cap of $334.93 billion, a P/E ratio of 56.28, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid 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 is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

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.