Balanced Wealth Group LLC Has $673,000 Stock Position in AbbVie Inc. (NYSE:ABBV)

Balanced Wealth Group LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 6.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,408 shares of the company’s stock after purchasing an additional 217 shares during the quarter. Balanced Wealth Group LLC’s holdings in AbbVie were worth $673,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ABBV. FORVIS Wealth Advisors LLC boosted its position in shares of AbbVie by 7.9% in the first quarter. FORVIS Wealth Advisors LLC now owns 16,665 shares of the company’s stock valued at $3,035,000 after acquiring an additional 1,223 shares during the period. Maryland State Retirement & Pension System boosted its holdings in AbbVie by 0.6% in the 1st quarter. Maryland State Retirement & Pension System now owns 138,163 shares of the company’s stock valued at $25,159,000 after purchasing an additional 774 shares during the period. Strategic Advisors LLC grew its position in shares of AbbVie by 6.0% during the 1st quarter. Strategic Advisors LLC now owns 64,155 shares of the company’s stock worth $11,683,000 after purchasing an additional 3,628 shares in the last quarter. American Institute for Advanced Investment Management LLP increased its holdings in shares of AbbVie by 6.1% during the first quarter. American Institute for Advanced Investment Management LLP now owns 8,438 shares of the company’s stock worth $1,537,000 after purchasing an additional 486 shares during the period. Finally, Benchmark Financial Wealth Advisors LLC raised its position in shares of AbbVie by 9.4% in the first quarter. Benchmark Financial Wealth Advisors LLC now owns 1,603 shares of the company’s stock valued at $292,000 after buying an additional 138 shares in the last quarter. 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 firm’s stock in a transaction dated Monday, August 5th. The stock was 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Barclays increased their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. TD Cowen boosted their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, BMO Capital Markets increased their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $201.00.

AbbVie Stock Performance

NYSE:ABBV opened at $203.87 on Friday. The stock’s 50-day moving average is $194.00 and its 200-day moving average is $179.09. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $207.32. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock has a market cap of $360.10 billion, a P/E ratio of 70.79, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.28 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.95 EPS. Equities research analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.22%. AbbVie’s payout ratio is presently 227.78%.

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.