AbbVie Inc. (NYSE:ABBV) Shares Acquired by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. boosted its position in AbbVie Inc. (NYSE:ABBV) by 7.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 169,380 shares of the company’s stock after purchasing an additional 11,233 shares during the period. Stratos Wealth Partners LTD.’s holdings in AbbVie were worth $33,449,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. West Coast Financial LLC grew its position in shares of AbbVie by 9.7% in the first quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock valued at $287,000 after purchasing an additional 140 shares during the period. FCG Investment Co acquired a new stake in AbbVie in the 1st quarter worth about $1,413,000. BluePath Capital Management LLC grew its holdings in AbbVie by 0.9% in the 1st quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after buying an additional 67 shares during the period. Palisade Asset Management LLC increased its stake in shares of 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 acquiring 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 worth $5,506,000 after acquiring an additional 2,657 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ABBV shares. Bank of America upped their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday. They set a “market perform” rating and a $203.00 price objective for the company. UBS Group increased their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Barclays raised their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Stock Up 0.2 %

NYSE ABBV opened at $188.87 on Friday. The stock has a market cap of $333.52 billion, a PE ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63. The business has a 50 day moving average price of $194.44 and a two-hundred day moving average price of $177.76. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week 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 earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $14.02 billion. During the same period in the prior year, the firm earned $2.91 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.25% of the company’s stock.

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.