Burkett Financial Services LLC Acquires 82 Shares of AbbVie Inc. (NYSE:ABBV)

Burkett Financial Services LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 61.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 216 shares of the company’s stock after purchasing an additional 82 shares during the quarter. Burkett Financial Services LLC’s holdings in AbbVie were worth $43,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cullen Capital Management LLC raised its position in AbbVie by 7.2% in the 4th quarter. Cullen Capital Management LLC now owns 3,474 shares of the company’s stock worth $538,000 after purchasing an additional 234 shares during the period. Bellevue Group AG increased its holdings in shares of AbbVie by 41.2% in the fourth quarter. Bellevue Group AG now owns 6,727 shares of the company’s stock worth $1,042,000 after buying an additional 1,964 shares during the period. MGO One Seven LLC boosted its holdings in AbbVie by 16.7% during the 4th quarter. MGO One Seven LLC now owns 27,003 shares of the company’s stock valued at $4,185,000 after acquiring an additional 3,868 shares during the period. BOKF NA boosted its holdings in AbbVie by 5.2% during the 4th quarter. BOKF NA now owns 319,340 shares of the company’s stock valued at $49,488,000 after acquiring an additional 15,642 shares during the period. Finally, Ethic Inc. boosted its stake in shares of AbbVie by 10.2% during the fourth quarter. Ethic Inc. now owns 38,570 shares of the company’s stock valued at $5,977,000 after purchasing an additional 3,574 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 sale, the chairman now 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 disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Performance

ABBV traded down $0.24 during midday trading on Wednesday, hitting $192.77. 569,441 shares of the company traded hands, compared to its average volume of 5,305,843. The company’s 50-day moving average is $193.70 and its 200 day moving average is $177.05. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The firm has a market capitalization of $340.41 billion, a PE ratio of 57.18, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the firm earned $2.91 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABBV. Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Morgan Stanley increased their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. BMO Capital Markets boosted their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $194.67.

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.