Paladin Wealth LLC Acquires New Shares in AbbVie Inc. (NYSE:ABBV)

Paladin Wealth LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 856 shares of the company’s stock, valued at approximately $169,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pine Haven Investment Counsel Inc grew its stake in AbbVie by 0.3% in the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after purchasing an additional 52 shares during the period. Frisch Financial Group Inc. boosted its holdings in shares of AbbVie by 0.8% in the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after buying an additional 53 shares during the last quarter. First Citizens Financial Corp grew its position in AbbVie by 0.9% during the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after buying an additional 53 shares during the period. Sunflower Bank N.A. increased its holdings in AbbVie by 0.4% during the third quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock worth $2,710,000 after buying an additional 53 shares during the last quarter. Finally, Professional Financial Advisors LLC raised its position in AbbVie by 3.4% in the third quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock worth $323,000 after acquiring an additional 54 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred 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 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

NYSE:ABBV opened at $194.19 on Monday. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The stock has a fifty day moving average of $194.08 and a 200 day moving average of $177.37. 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 firm has a market capitalization of $342.91 billion, a price-to-earnings ratio of 57.62, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate 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 last year, the company posted $2.91 EPS. On average, research analysts expect that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.19%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ABBV shares. Barclays increased their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Cantor Fitzgerald reissued 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 reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. TD Cowen lifted their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Finally, Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $198.00.

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.