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:ABBV) 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.

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:ABBV) 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

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.