Jackson Wealth Management LLC Takes Position in AbbVie Inc. (NYSE:ABBV)

Jackson Wealth Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,146 shares of the company’s stock, valued at approximately $209,000.

A number of other hedge funds have also bought and sold shares of ABBV. Lokken Investment Group LLC boosted its holdings in shares of AbbVie by 3.6% during the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after buying an additional 58 shares in the last quarter. Arcadia Investment Management Corp MI boosted its holdings in shares of AbbVie by 0.6% during the 1st quarter. Arcadia Investment Management Corp MI now owns 9,371 shares of the company’s stock valued at $1,706,000 after buying an additional 59 shares in the last quarter. Aspen Wealth Strategies LLC boosted its holdings in shares of AbbVie by 0.5% during the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after buying an additional 61 shares in the last quarter. Marks Group Wealth Management Inc boosted its holdings in shares of AbbVie by 2.9% during the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after buying an additional 63 shares in the last quarter. Finally, Spinnaker Investment Group LLC boosted its holdings in shares of AbbVie by 1.6% during the 1st quarter. Spinnaker Investment Group LLC now owns 4,068 shares of the company’s stock valued at $741,000 after buying an additional 64 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Tuesday, July 2nd. Barclays upped their price target on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Friday, July 26th. Truist Financial restated a “buy” rating and set a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently 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 business’s stock in a transaction dated 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 directly owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Trading Down 0.2 %

NYSE ABBV traded down $0.42 on Friday, hitting $189.29. 6,303,909 shares of the stock were exchanged, compared to its average volume of 5,147,175. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. The stock has a fifty day moving average price of $170.28 and a two-hundred day moving average price of $170.42. The firm has a market capitalization of $334.26 billion, a P/E ratio of 56.17, a P/E/G ratio of 2.49 and a beta of 0.64. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $193.91.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the company earned $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.28%. AbbVie’s 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.