Jackson Wealth Management LLC Makes New $5.63 Million Investment in AbbVie Inc. (NYSE:ABBV)

Jackson Wealth Management LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,509 shares of the company’s stock, valued at approximately $5,630,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FCG Investment Co purchased a new position in AbbVie in the 1st quarter valued at approximately $1,413,000. BluePath Capital Management LLC boosted its holdings in AbbVie by 0.9% in the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after acquiring an additional 67 shares in the last quarter. Palisade Asset Management LLC boosted its holdings in AbbVie by 65.6% in the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after acquiring an additional 38,562 shares in the last quarter. First Hawaiian Bank boosted its holdings in shares of AbbVie by 9.0% during the 2nd quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after buying an additional 2,657 shares in the last quarter. Finally, PGGM Investments boosted its holdings in shares of AbbVie by 308.1% during the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after buying an additional 24,756 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ABBV shares. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Sanford C. Bernstein assumed coverage on AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, UBS Group increased their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.47.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by company insiders.

AbbVie Price Performance

ABBV traded up $1.82 during trading on Thursday, reaching $189.70. The stock had a trading volume of 2,663,769 shares, compared to its average volume of 5,273,974. The firm has a market capitalization of $334.99 billion, a price-to-earnings ratio of 56.29, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The stock has a 50 day moving average of $194.22 and a two-hundred day moving average of $178.08.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the prior year, the business posted $2.91 earnings per share. AbbVie’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

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.