Alliance Wealth Advisors LLC Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Alliance Wealth Advisors LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 2.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,100 shares of the company’s stock after purchasing an additional 115 shares during the period. Alliance Wealth Advisors LLC’s holdings in AbbVie were worth $1,007,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. West Coast Financial LLC grew its position in shares of AbbVie by 9.7% during the first quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after buying an additional 140 shares in the last quarter. FCG Investment Co acquired a new stake in shares of AbbVie in the 1st quarter valued at $1,413,000. Safeguard Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter worth $235,000. BluePath Capital Management LLC grew its stake in shares of AbbVie by 0.9% during the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after purchasing an additional 67 shares in the last quarter. Finally, Palisade Asset Management LLC increased its holdings in AbbVie by 65.6% in the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after buying an additional 38,562 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.7 %

ABBV opened at $190.46 on Thursday. The business has a 50 day moving average price of $194.50 and a two-hundred day moving average price of $177.63. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a market cap of $336.33 billion, a PE ratio of 56.52, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping 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 the consensus estimate of $14.02 billion. During the same period last year, the company earned $2.91 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.26%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling

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 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 owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on ABBV shares. Morgan Stanley lifted their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Finally, Barclays boosted their price target 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. Two equities 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 stock. Based on data from MarketBeat.com, the stock 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.