Penn Davis Mcfarland Inc. Purchases New Position in AbbVie Inc. (NYSE:ABBV)

Penn Davis Mcfarland Inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,942 shares of the company’s stock, valued at approximately $6,110,000.

Several other hedge funds also recently made changes to their positions in ABBV. City Holding Co. grew its holdings in shares of AbbVie by 1.1% during the first quarter. City Holding Co. now owns 40,334 shares of the company’s stock worth $7,345,000 after buying an additional 438 shares during the last quarter. High Net Worth Advisory Group LLC raised its stake in shares of AbbVie by 5.9% during the 1st quarter. High Net Worth Advisory Group LLC now owns 46,573 shares of the company’s stock worth $8,481,000 after buying an additional 2,600 shares in the last quarter. Anderson Hoagland & Co. raised its stake in shares of AbbVie by 8.9% during the 1st quarter. Anderson Hoagland & Co. now owns 2,651 shares of the company’s stock worth $448,000 after buying an additional 217 shares in the last quarter. True North Advisors LLC boosted its stake in shares of AbbVie by 1.8% in the first quarter. True North Advisors LLC now owns 6,629 shares of the company’s stock valued at $1,207,000 after buying an additional 118 shares in the last quarter. Finally, Cherrydale Wealth Management LLC acquired a new position in AbbVie during the first quarter worth $261,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

AbbVie stock opened at $188.86 on Monday. The firm has a fifty day moving average of $194.44 and a 200-day moving average of $177.74. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $333.50 billion, a P/E ratio of 56.04, a PEG ratio of 2.66 and a beta of 0.63.

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

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Analysts Set New Price Targets

Several brokerages have commented on ABBV. Piper Sandler Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Bank of America boosted their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Truist Financial raised their price target on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Four 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie 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.