Allen Wealth Management LLC Buys 200 Shares of AbbVie Inc. (NYSE:ABBV)

Allen Wealth Management LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 16.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,439 shares of the company’s stock after buying an additional 200 shares during the period. Allen Wealth Management LLC’s holdings in AbbVie were worth $284,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new position in AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the second quarter valued at approximately $27,000. Quest Partners LLC boosted its stake in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Marquette Asset Management LLC purchased a new position in AbbVie during the third quarter valued at approximately $39,000. Finally, Burkett Financial Services LLC lifted its holdings in AbbVie by 61.2% during the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after buying an additional 82 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.25% of the stock is owned by corporate insiders.

AbbVie Trading Down 0.2 %

Shares of AbbVie stock opened at $203.55 on Friday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $207.32. 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 company has a market cap of $359.54 billion, a P/E ratio of 70.68, a price-to-earnings-growth ratio of 2.76 and a beta of 0.63. The firm has a 50-day simple moving average of $194.12 and a two-hundred day simple moving average of $179.49.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.95 EPS. As a group, equities analysts predict that AbbVie Inc. will post 10.9 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ABBV shares. Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target on the stock. Truist Financial increased their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Bank of America lifted their price objective on shares of 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 research report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. 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. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $201.00.

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.