Chris Bulman Inc Purchases New Position in AbbVie Inc. (NYSE:ABBV)

Chris Bulman Inc bought a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,449 shares of the company’s stock, valued at approximately $420,000.

Other hedge funds have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the fourth quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the second quarter worth $27,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at about $33,000. IFS Advisors LLC purchased a new position in shares of AbbVie during the 1st quarter valued at approximately $36,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new position in AbbVie in the 4th quarter valued at about $37,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Up 0.3 %

Shares of ABBV stock opened at $193.40 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $341.52 billion, a P/E ratio of 57.39, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The firm’s fifty day simple moving average is $183.88 and its 200 day simple moving average is $174.60. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.91 earnings per share. As a group, sell-side analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The company 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. This represents a $6.20 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Truist Financial reiterated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. BMO Capital Markets boosted their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Piper Sandler boosted their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Buy” and an average target price of $191.64.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a filing with the SEC, which is available through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 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.