BLB&B Advisors LLC Acquires 2,365 Shares of AbbVie Inc. (NYSE:ABBV)

BLB&B Advisors LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 89,853 shares of the company’s stock after purchasing an additional 2,365 shares during the quarter. AbbVie makes up 0.9% of BLB&B Advisors LLC’s portfolio, making the stock its 28th biggest position. BLB&B Advisors LLC’s holdings in AbbVie were worth $17,744,000 as of its most recent SEC filing.

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

AbbVie Trading Up 1.2 %

NYSE ABBV opened at $188.78 on Wednesday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company has a market capitalization of $333.36 billion, a PE ratio of 56.02, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a fifty day moving average of $194.32 and a 200 day moving average of $178.01.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.91 EPS. Research analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current year.

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. 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 183.98%.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on ABBV shares. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Truist Financial boosted their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Piper Sandler increased 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. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Four research 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $198.47.

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.