Strong Tower Advisory Services Purchases 1,420 Shares of AbbVie Inc. (NYSE:ABBV)

Strong Tower Advisory Services raised its holdings in AbbVie Inc. (NYSE:ABBV) by 16.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,119 shares of the company’s stock after acquiring an additional 1,420 shares during the period. Strong Tower Advisory Services’ holdings in AbbVie were worth $1,998,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Independence Bank of Kentucky raised its position in AbbVie by 11.6% during the third quarter. Independence Bank of Kentucky now owns 18,430 shares of the company’s stock valued at $3,640,000 after purchasing an additional 1,909 shares in the last quarter. Worth Asset Management LLC increased its position in shares of AbbVie by 640.8% during the 3rd quarter. Worth Asset Management LLC now owns 11,230 shares of the company’s stock valued at $2,218,000 after purchasing an additional 9,714 shares during the last quarter. Beaumont Financial Advisors LLC increased its position in shares of AbbVie by 0.6% during the 3rd quarter. Beaumont Financial Advisors LLC now owns 11,106 shares of the company’s stock valued at $2,193,000 after purchasing an additional 68 shares during the last quarter. Albion Financial Group UT raised its holdings in shares of AbbVie by 3.0% during the 3rd quarter. Albion Financial Group UT now owns 43,999 shares of the company’s stock valued at $8,689,000 after buying an additional 1,266 shares in the last quarter. Finally, Merrion Investment Management Co LLC lifted its position in AbbVie by 7.7% in the 3rd quarter. Merrion Investment Management Co LLC now owns 7,000 shares of the company’s stock worth $1,382,000 after buying an additional 500 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Up 0.0 %

Shares of NYSE ABBV traded up $0.02 on Friday, reaching $194.37. 471,595 shares of the company’s stock traded hands, compared to its average volume of 5,292,299. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business’s 50 day simple moving average is $193.98 and its two-hundred day simple moving average is $177.30. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The company has a market cap of $343.32 billion, a price-to-earnings ratio of 64.88, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the business posted $2.91 EPS. AbbVie’s revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. AbbVie’s dividend payout ratio (DPR) is presently 206.67%.

Analysts Set New Price Targets

ABBV has been the topic of several research reports. Barclays lifted their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday. UBS Group boosted their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $198.00.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was 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 in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 transaction, 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 disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

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.