AbbVie Inc. (NYSE:ABBV) Shares Purchased by Modus Advisors LLC

Modus Advisors LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,108 shares of the company’s stock after purchasing an additional 289 shares during the quarter. AbbVie accounts for about 1.6% of Modus Advisors LLC’s investment portfolio, making the stock its 24th largest holding. Modus Advisors LLC’s holdings in AbbVie were worth $4,761,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ABBV. Steigerwald Gordon & Koch Inc. increased its position in AbbVie by 3.1% in the third quarter. Steigerwald Gordon & Koch Inc. now owns 3,345 shares of the company’s stock worth $661,000 after buying an additional 101 shares during the period. Matrix Trust Co grew its position in shares of AbbVie by 0.8% during the third quarter. Matrix Trust Co now owns 13,419 shares of the company’s stock worth $2,650,000 after acquiring an additional 102 shares during the last quarter. Advocate Group LLC increased its holdings in shares of AbbVie by 0.4% in the 3rd quarter. Advocate Group LLC now owns 77,294 shares of the company’s stock worth $15,264,000 after acquiring an additional 295 shares during the period. Cypress Wealth Services LLC lifted its position in AbbVie by 6.0% in the 3rd quarter. Cypress Wealth Services LLC now owns 2,738 shares of the company’s stock valued at $541,000 after purchasing an additional 156 shares during the last quarter. Finally, Morton Capital Management LLC CA boosted its stake in AbbVie by 4.1% during the 3rd quarter. Morton Capital Management LLC CA now owns 9,187 shares of the company’s stock valued at $1,814,000 after purchasing an additional 358 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ABBV. Morgan Stanley raised their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. TD Cowen raised their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $198.00.

AbbVie Trading Down 0.1 %

Shares of NYSE ABBV traded down $0.19 during midday trading on Thursday, hitting $194.56. The stock had a trading volume of 690,062 shares, compared to its average volume of 5,302,240. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The firm has a market cap of $343.57 billion, a P/E ratio of 57.63, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63. The company’s 50-day simple moving average is $193.89 and its 200 day simple moving average is $177.18.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.91 EPS. Research analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The company 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 dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’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 of the company’s stock, valued at approximately $89,792,325. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 shares were 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 in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This represents 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 owned by company insiders.

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.