Orrstown Financial Services Inc. Invests $1.01 Million in AbbVie Inc. (NYSE:ABBV)

Orrstown Financial Services Inc. acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,122 shares of the company’s stock, valued at approximately $1,011,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Fairway Wealth LLC acquired a new stake in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie during the second quarter worth about $27,000. Marquette Asset Management LLC acquired a new stake in AbbVie in the 3rd quarter worth about $39,000. Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the 1st quarter valued at about $37,000. Finally, Quest Partners LLC increased its stake 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 acquiring an additional 207 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

AbbVie stock opened at $189.67 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock has a 50 day moving average of $193.88 and a 200-day moving average of $178.56. The stock has a market cap of $334.93 billion, a P/E ratio of 56.28, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

AbbVie Dividend Announcement

The business also recently disclosed 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 3.27%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents 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 accessible through this link. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent analyst reports. BMO Capital Markets boosted their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Barclays boosted their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, Morgan Stanley upped their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $199.39.

AbbVie 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.