Precedent Wealth Partners LLC Purchases 965 Shares of AbbVie Inc. (NYSE:ABBV)

Precedent Wealth Partners LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,839 shares of the company’s stock after buying an additional 965 shares during the quarter. Precedent Wealth Partners LLC’s holdings in AbbVie were worth $1,745,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aprio Wealth Management LLC raised its position in AbbVie by 40.5% in the 1st quarter. Aprio Wealth Management LLC now owns 3,944 shares of the company’s stock worth $718,000 after buying an additional 1,136 shares during the last quarter. Atwood & Palmer Inc. raised its holdings in shares of AbbVie by 0.6% during the first quarter. Atwood & Palmer Inc. now owns 190,431 shares of the company’s stock valued at $34,677,000 after purchasing an additional 1,124 shares during the last quarter. LexAurum Advisors LLC bought a new position in AbbVie during the first quarter valued at approximately $210,000. CVA Family Office LLC boosted its holdings in AbbVie by 3.1% in the first quarter. CVA Family Office LLC now owns 3,469 shares of the company’s stock worth $632,000 after purchasing an additional 103 shares during the last quarter. Finally, Johnson & White Wealth Management LLC raised its stake in AbbVie by 8.7% during the 1st quarter. Johnson & White Wealth Management LLC now owns 5,431 shares of the company’s stock valued at $989,000 after buying an additional 436 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ABBV. Barclays upped their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Truist Financial increased their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. TD Cowen increased their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets boosted their price objective on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday. Four 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Price Performance

NYSE:ABBV opened at $188.87 on Friday. The business’s 50-day moving average is $194.44 and its 200 day moving average is $177.76. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The company has a market capitalization of $333.52 billion, a P/E ratio of 56.04, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating 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 firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the prior year, the company earned $2.91 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.28%. AbbVie’s dividend payout ratio is currently 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

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.