Commonwealth Financial Services LLC Purchases 170 Shares of AbbVie Inc. (NYSE:ABBV)

Commonwealth Financial Services LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 3.3% during the third quarter, Holdings Channel reports. The institutional investor owned 5,386 shares of the company’s stock after buying an additional 170 shares during the quarter. Commonwealth Financial Services LLC’s holdings in AbbVie were worth $1,061,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Index Fund Advisors Inc. acquired a new position in shares of AbbVie during the third quarter valued at about $283,000. Grimes & Company Inc. grew its position in AbbVie by 1.0% during the 3rd quarter. Grimes & Company Inc. now owns 101,609 shares of the company’s stock worth $20,066,000 after purchasing an additional 1,039 shares during the last quarter. Boyd Watterson Asset Management LLC OH increased its stake in AbbVie by 6.0% during the 3rd quarter. Boyd Watterson Asset Management LLC OH now owns 25,298 shares of the company’s stock valued at $4,996,000 after purchasing an additional 1,427 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of AbbVie by 16.6% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 32,851 shares of the company’s stock worth $6,481,000 after buying an additional 4,688 shares during the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in shares of AbbVie during the third quarter worth $996,000. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The stock was 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 $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by insiders.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $1.28 during midday trading on Thursday, reaching $189.16. 599,522 shares of the company’s stock traded hands, compared to its average volume of 5,263,581. The company has a fifty day simple moving average of $194.22 and a two-hundred day simple moving average of $178.08. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a market cap of $334.03 billion, a P/E ratio of 55.75, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. 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 last year, the firm posted $2.91 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wells Fargo & Company raised their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Truist Financial lifted their target price on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Bank of America upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. UBS Group upped their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Finally, Barclays increased their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Company 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.