Berry Wealth Group LP Grows Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Berry Wealth Group LP increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 2,448 shares of the company’s stock after acquiring an additional 64 shares during the period. Berry Wealth Group LP’s holdings in AbbVie were worth $483,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC acquired a new stake in shares of AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter worth about $27,000. Quest Partners LLC grew its stake in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie in the first quarter valued at about $37,000. Finally, Marquette Asset Management LLC purchased a new position in shares of AbbVie in the third quarter worth about $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ABBV shares. UBS Group upped their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Bank of America lifted their price objective on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Four 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Price Performance

AbbVie stock traded down $2.01 during trading on Monday, reaching $186.85. The company had a trading volume of 1,918,691 shares, compared to its average volume of 5,284,649. The firm has a market capitalization of $329.95 billion, a PE ratio of 55.78, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The firm’s 50-day simple moving average is $194.44 and its 200 day simple moving average is $177.74. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 9.71% and a return on equity of 203.66%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $2.91 earnings per share. As a group, equities research analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.32%. AbbVie’s dividend payout ratio (DPR) 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.