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

WMG Financial Advisors LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 26.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,037 shares of the company’s stock after purchasing an additional 427 shares during the quarter. WMG Financial Advisors LLC’s holdings in AbbVie were worth $349,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. International Assets Investment Management LLC bought a new stake in AbbVie during the 4th quarter worth about $41,416,000. Gilbert & Cook Inc. lifted its position in AbbVie by 9.8% during the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after purchasing an additional 861 shares during the period. Duff & Phelps Investment Management Co. lifted its position in AbbVie by 0.5% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 19,611 shares of the company’s stock valued at $3,039,000 after purchasing an additional 100 shares during the period. PYA Waltman Capital LLC lifted its position in AbbVie by 14.0% during the 4th quarter. PYA Waltman Capital LLC now owns 15,806 shares of the company’s stock valued at $2,449,000 after purchasing an additional 1,939 shares during the period. Finally, Cannell & Co. lifted its position in AbbVie by 1.8% during the 4th quarter. Cannell & Co. now owns 230,806 shares of the company’s stock valued at $35,768,000 after purchasing an additional 4,060 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other 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 directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were 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 directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction 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 directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $196.25 on Friday. 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 company has a market capitalization of $346.55 billion, a P/E ratio of 58.23, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. The company’s 50 day moving average price is $181.44 and its two-hundred day moving average price is $173.93. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $198.30.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a dividend of $1.55 per share. The ex-dividend date was Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.16%. AbbVie’s dividend payout ratio is currently 183.98%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays upped their target price on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Truist Financial restated a “buy” rating and set a $210.00 target price (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Piper Sandler increased their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $191.64.

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.