PBMares Wealth Management LLC Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

PBMares Wealth Management LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 26.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,380 shares of the company’s stock after buying an additional 501 shares during the quarter. PBMares Wealth Management LLC’s holdings in AbbVie were worth $470,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Silvia Mccoll Wealth Management LLC lifted its stake in AbbVie by 2.2% in the first quarter. Silvia Mccoll Wealth Management LLC now owns 3,120 shares of the company’s stock worth $527,000 after acquiring an additional 66 shares during the last quarter. Consilio Wealth Advisors LLC boosted its position in shares of AbbVie by 11.4% during the 1st quarter. Consilio Wealth Advisors LLC now owns 1,904 shares of the company’s stock worth $347,000 after purchasing an additional 195 shares in the last quarter. Hexagon Capital Partners LLC grew its position in AbbVie by 8.2% during the first quarter. Hexagon Capital Partners LLC now owns 8,380 shares of the company’s stock worth $1,526,000 after buying an additional 636 shares during the period. AlphaMark Advisors LLC grew its holdings in shares of AbbVie by 14.1% in the 1st quarter. AlphaMark Advisors LLC now owns 590 shares of the company’s stock worth $107,000 after acquiring an additional 73 shares during the period. Finally, Steele Capital Management Inc. grew its holdings in AbbVie by 2.7% in the first quarter. Steele Capital Management Inc. now owns 13,621 shares of the company’s stock valued at $2,480,000 after purchasing an additional 360 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ABBV. Piper Sandler increased their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Barclays upped their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Finally, BMO Capital Markets raised their price objective on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $199.39.

AbbVie Stock Performance

NYSE:ABBV traded down $0.46 during trading hours on Tuesday, reaching $189.22. 1,192,168 shares of the stock were exchanged, compared to its average volume of 5,268,775. The firm has a 50 day simple moving average of $193.88 and a 200-day simple moving average of $178.56. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The stock has a market capitalization of $334.14 billion, a P/E ratio of 56.28, a P/E/G ratio of 2.66 and a beta of 0.63. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. AbbVie’s payout ratio is currently 183.98%.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

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.