ORG Wealth Partners LLC Makes New $2.57 Million Investment in AbbVie Inc. (NYSE:ABBV)

ORG Wealth Partners LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 12,996 shares of the company’s stock, valued at approximately $2,567,000. AbbVie accounts for approximately 1.0% of ORG Wealth Partners LLC’s portfolio, making the stock its 14th biggest holding.

Other institutional investors have also made changes to their positions in the company. Fairway Wealth LLC bought a new position in shares of AbbVie during the second quarter worth approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the second quarter valued at about $27,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter worth about $36,000. Marquette Asset Management LLC bought a new stake in AbbVie in the 3rd quarter valued at about $39,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of AbbVie during the first quarter worth approximately $37,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Up 0.1 %

ABBV opened at $194.29 on Monday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The firm has a market capitalization of $343.09 billion, a PE ratio of 57.62, a P/E/G ratio of 2.66 and a beta of 0.63. 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’s 50-day moving average is $194.08 and its 200 day moving average is $177.37.

AbbVie (NYSE:ABBV) last announced its earnings results 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. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period last year, the firm posted $2.91 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, research analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm 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 3.19%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is presently 183.98%.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’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 value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 owns 446,599 shares in the company, valued at approximately $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 corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Morgan Stanley raised their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. UBS Group upped their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Barclays boosted their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, BMO Capital Markets upped their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $198.00.

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.