Prudent Investors Network Inc. Buys Shares of 5,929 AbbVie Inc. (NYSE:ABBV)

Prudent Investors Network Inc. bought a new position in shares of AbbVie Inc. (NYSE:ABBV) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 5,929 shares of the company’s stock, valued at approximately $1,080,000. AbbVie accounts for approximately 0.4% of Prudent Investors Network Inc.’s holdings, making the stock its 21st biggest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. American National Bank grew its holdings in shares of AbbVie by 4.8% in the 4th quarter. American National Bank now owns 59,392 shares of the company’s stock valued at $9,204,000 after buying an additional 2,695 shares during the period. AXS Investments LLC increased its holdings in shares of AbbVie by 3.3% in the fourth quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock worth $1,477,000 after acquiring an additional 307 shares in the last quarter. TCI Wealth Advisors Inc. raised its position in shares of AbbVie by 1.0% during the fourth quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock worth $2,641,000 after purchasing an additional 165 shares during the period. Mizuho Markets Americas LLC lifted its holdings in shares of AbbVie by 33.4% during the 4th quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock valued at $4,791,000 after purchasing an additional 7,737 shares in the last quarter. Finally, Opinicus Capital Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $1,296,000. 70.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on ABBV shares. Piper Sandler Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Morgan Stanley raised their price objective on shares of AbbVie from $191.00 to $196.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Barclays upped their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday. Piper Sandler restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Finally, BMO Capital Markets increased their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $188.71.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE ABBV traded up $4.76 on Tuesday, reaching $186.70. The stock had a trading volume of 6,031,780 shares, compared to its average volume of 5,574,535. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $187.71. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. The company has a market cap of $329.69 billion, a P/E ratio of 55.40, a price-to-earnings-growth ratio of 2.35 and a beta of 0.64. The firm has a fifty day moving average of $168.50 and a two-hundred day moving average of $169.93.

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. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.91 earnings per share. On average, equities research analysts anticipate that AbbVie Inc. will post 10.79 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.32%. AbbVie’s dividend payout ratio is currently 183.98%.

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.