Ballew Advisors Inc Invests $219,000 in AbbVie Inc. (NYSE:ABBV)

Ballew Advisors Inc bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 1,123 shares of the company’s stock, valued at approximately $219,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Professional Financial Advisors LLC grew its stake in AbbVie by 3.4% during the 3rd quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock worth $323,000 after buying an additional 54 shares during the last quarter. CHICAGO TRUST Co NA grew its stake in AbbVie by 3.6% during the 3rd quarter. CHICAGO TRUST Co NA now owns 63,732 shares of the company’s stock valued at $12,586,000 after purchasing an additional 2,199 shares during the last quarter. Carnegie Investment Counsel grew its stake in AbbVie by 3.4% during the 3rd quarter. Carnegie Investment Counsel now owns 38,431 shares of the company’s stock valued at $7,589,000 after purchasing an additional 1,252 shares during the last quarter. Cardinal Capital Management Inc. grew its stake in AbbVie by 0.3% during the 3rd quarter. Cardinal Capital Management Inc. now owns 197,427 shares of the company’s stock valued at $38,988,000 after purchasing an additional 588 shares during the last quarter. Finally, Montis Financial LLC purchased a new stake in AbbVie during the 3rd quarter valued at about $522,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on ABBV. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. Finally, Barclays upped 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. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.00.

AbbVie Price Performance

Shares of AbbVie stock opened at $194.19 on Friday. The business has a 50 day simple moving average of $194.08 and a two-hundred day simple moving average of $177.39. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The stock has a market capitalization of $342.91 billion, a P/E ratio of 57.62, a PEG 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, beating the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.91 earnings per share. As a group, analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.19%. AbbVie’s payout ratio is 183.98%.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.