Bright Financial Advisors Inc. Makes New Investment in AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Bright Financial Advisors Inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV – Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,040 shares of the company’s stock, valued at approximately $205,000.

Other large investors have also recently modified their holdings of the company. Fairway Wealth LLC purchased a new stake in AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie in the 2nd quarter worth about $27,000. Able Wealth Management LLC bought a new stake in AbbVie during the 4th quarter valued at about $33,000. IFS Advisors LLC purchased a new stake in AbbVie in the 1st quarter valued at about $36,000. Finally, Quest Partners LLC increased its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Down 0.1 %

NYSE:ABBV traded down $0.16 during mid-day trading on Friday, hitting $194.19. 2,973,025 shares of the company’s stock traded hands, compared to its average volume of 5,304,990. The company has a fifty day moving average of $194.08 and a 200 day moving average of $177.39. 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 twelve month low of $135.85 and a twelve month high of $199.95. The company has a market capitalization of $342.91 billion, a P/E ratio of 57.62, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings data 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 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% on a year-over-year basis. During the same period last year, the firm posted $2.91 EPS. On average, analysts forecast that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research reports. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Two investment 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. According to MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average target price of $198.00.

Get Our Latest Stock Analysis on AbbVie

About AbbVie

(Free Report)

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.

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