Prestige Wealth Management Group LLC Grows Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Prestige Wealth Management Group LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 479.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,739 shares of the company’s stock after purchasing an additional 3,094 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in AbbVie were worth $641,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ABBV. Ridgewood Investments LLC acquired a new stake in AbbVie in the 2nd quarter worth about $27,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie during the 4th quarter worth about $26,000. IFS Advisors LLC acquired a new stake in shares of AbbVie in the first quarter worth approximately $36,000. Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the first quarter valued at approximately $37,000. Finally, Able Wealth Management LLC acquired a new position in AbbVie during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Morgan Stanley raised their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Wells Fargo & Company boosted their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Buy” and an average price target of $191.64.

Get Our Latest Report on ABBV

AbbVie Stock Up 0.3 %

Shares of ABBV stock traded up $0.54 on Friday, hitting $193.40. The stock had a trading volume of 4,312,632 shares, compared to its average volume of 5,427,167. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The firm has a market capitalization of $341.52 billion, a price-to-earnings ratio of 57.39, a P/E/G ratio of 2.68 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock’s 50 day moving average is $183.88 and its 200-day moving average is $174.60.

AbbVie (NYSE:ABBVGet Free Report) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating 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 company 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 firm earned $2.91 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.

See Also

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.