Providence Capital Advisors LLC Purchases 169 Shares of AbbVie Inc. (NYSE:ABBV)

Providence Capital Advisors LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,101 shares of the company’s stock after purchasing an additional 169 shares during the quarter. Providence Capital Advisors LLC’s holdings in AbbVie were worth $2,762,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the 4th quarter worth approximately $26,000. Fairway Wealth LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $27,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie during the 4th quarter worth approximately $33,000. Finally, IFS Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter worth approximately $36,000. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling 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 sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction 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 disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Trading Up 0.2 %

Shares of AbbVie stock opened at $193.82 on Tuesday. The firm has a market capitalization of $342.26 billion, a PE ratio of 57.51, a P/E/G ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The firm’s 50-day moving average price is $189.87 and its 200 day moving average price is $175.86. 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 released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion during 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%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.91 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Piper Sandler raised their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie 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.