Edge Financial Advisors LLC Makes New $581,000 Investment in AbbVie Inc. (NYSE:ABBV)

Edge Financial Advisors LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,941 shares of the company’s stock, valued at approximately $581,000.

Other hedge funds have also recently modified their holdings of the company. Fairway Wealth LLC acquired a new stake in AbbVie during the 2nd quarter worth about $26,000. Ridgewood Investments LLC acquired a new stake in shares of AbbVie during the second quarter worth about $27,000. Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in AbbVie in the first quarter valued at approximately $37,000. Finally, Marquette Asset Management LLC acquired a new position in AbbVie in the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent research reports. Piper Sandler upped their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Barclays upped their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Truist Financial lifted their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. TD Cowen upped their target price on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $199.39.

AbbVie Price Performance

Shares of NYSE ABBV traded up $4.53 during trading on Wednesday, hitting $193.98. The company had a trading volume of 1,119,924 shares, compared to its average volume of 5,270,941. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two 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 stock has a fifty day simple moving average of $193.75 and a two-hundred day simple moving average of $178.75. The firm has a market capitalization of $342.54 billion, a price-to-earnings ratio of 56.23, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.38%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

About AbbVie

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.