Kessler Investment Group LLC Takes $377,000 Position in AbbVie Inc. (NYSE:ABBV)

Kessler Investment Group LLC bought a new stake in AbbVie Inc. (NYSE:ABBV) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,909 shares of the company’s stock, valued at approximately $377,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. AdvisorNet Financial Inc increased its holdings in AbbVie by 28.4% during the 1st quarter. AdvisorNet Financial Inc now owns 4,524 shares of the company’s stock valued at $824,000 after purchasing an additional 1,000 shares during the period. West Coast Financial LLC increased its holdings in AbbVie by 9.7% during the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock valued at $287,000 after purchasing an additional 140 shares during the period. Community Bank of Raymore increased its holdings in AbbVie by 2.7% during the 1st quarter. Community Bank of Raymore now owns 22,648 shares of the company’s stock valued at $4,124,000 after purchasing an additional 600 shares during the period. New England Professional Planning Group Inc. purchased a new position in AbbVie during the 1st quarter valued at about $228,000. Finally, Hoxton Planning & Management LLC increased its holdings in AbbVie by 11.8% during the 1st quarter. Hoxton Planning & Management LLC now owns 1,537 shares of the company’s stock valued at $280,000 after purchasing an additional 162 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

AbbVie Price Performance

ABBV stock traded up $0.48 during trading on Tuesday, reaching $187.02. The company’s stock had a trading volume of 367,589 shares, compared to its average volume of 5,273,181. AbbVie Inc. has a 1 year low of $135.85 and a 1 year 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 company has a market capitalization of $330.25 billion, a P/E ratio of 55.38, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company’s fifty day moving average is $194.37 and its 200-day moving average is $177.88.

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

AbbVie Announces Dividend

The firm 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 dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ABBV shares. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. UBS Group upped their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Barclays upped their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Four equities research 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 has an average rating of “Moderate Buy” and an average 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.