Prospect Financial Services LLC Acquires New Position in AbbVie Inc. (NYSE:ABBV)

Prospect Financial Services LLC bought a new position in AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,440 shares of the company’s stock, valued at approximately $284,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fairway Wealth LLC purchased a new position in shares of AbbVie in the 2nd quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the second quarter worth about $27,000. IFS Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter valued at about $36,000. Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Finally, Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth approximately $37,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

AbbVie stock opened at $191.86 on Wednesday. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company’s 50-day moving average is $194.44 and its 200 day moving average is $177.54. The firm has a market capitalization of $338.80 billion, a P/E ratio of 56.93, a price-to-earnings-growth 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.

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

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.23%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent research reports. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. TD Cowen lifted their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Wells Fargo & Company upped their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $198.00.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 value 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 approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.