Trust Point Inc. Buys 1,760 Shares of AbbVie Inc. (NYSE:ABBV)

Trust Point Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 17.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 11,735 shares of the company’s stock after acquiring an additional 1,760 shares during the quarter. Trust Point Inc.’s holdings in AbbVie were worth $2,317,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Fairway Wealth LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the second quarter worth $27,000. Quest Partners LLC lifted its stake in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in AbbVie during the 1st quarter worth $37,000. Finally, Marquette Asset Management LLC acquired a new stake in AbbVie during the 3rd quarter worth approximately $39,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of AbbVie stock opened at $188.87 on Friday. The business has a 50-day simple moving average of $194.44 and a 200 day simple moving average of $177.76. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The firm has a market capitalization of $333.52 billion, a price-to-earnings ratio of 56.04, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS 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 during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the company posted $2.91 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ABBV. Wells Fargo & Company upped their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. TD Cowen increased their price target on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. BMO Capital Markets lifted their price objective on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America increased their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Four investment 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 data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $198.47.

Insider Transactions at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by insiders.

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.