WMG Financial Advisors LLC Buys 427 Shares of AbbVie Inc. (NYSE:ABBV)

WMG Financial Advisors LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 26.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,037 shares of the company’s stock after acquiring an additional 427 shares during the period. WMG Financial Advisors LLC’s holdings in AbbVie were worth $349,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie in the fourth quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in AbbVie in the second quarter valued at approximately $27,000. Able Wealth Management LLC acquired a new position in AbbVie in the fourth quarter valued at approximately $33,000. IFS Advisors LLC acquired a new position in AbbVie in the first quarter valued at approximately $36,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in AbbVie in the fourth quarter valued at approximately $37,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.5 %

NYSE ABBV opened at $196.25 on Friday. The firm has a market capitalization of $346.55 billion, a P/E ratio of 58.23, a PEG ratio of 2.49 and a beta of 0.64. The business has a fifty day simple moving average of $181.44 and a 200 day simple moving average of $173.93. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $198.30. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.91 EPS. On average, analysts predict that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were paid a $1.55 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.16%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Barclays upped their target price on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Morgan Stanley upped 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. Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, BMO Capital Markets upped their target price on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.64.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on 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 completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

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.