PFG Advisors Has $4.88 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

PFG Advisors reduced its position in AbbVie Inc. (NYSE:ABBV) by 4.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 24,699 shares of the company’s stock after selling 1,272 shares during the period. PFG Advisors’ holdings in AbbVie were worth $4,878,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Fairway Wealth LLC bought a new position in AbbVie in the 2nd quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the 2nd quarter valued at about $27,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter valued at about $36,000. Quest Partners LLC raised its holdings in AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the period. Finally, Redmont Wealth Advisors LLC bought a new position in AbbVie in the 1st quarter valued at about $37,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In related news, 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 completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABBV. Piper Sandler increased their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Wells Fargo & Company raised their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.00.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $191.86 on Wednesday. The firm has a market cap of $338.80 billion, a PE ratio of 56.93, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The firm’s fifty day moving average is $194.44 and its 200-day moving average is $177.54. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

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

AbbVie Dividend Announcement

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

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.