Bestgate Wealth Advisors LLC Acquires New Holdings in AbbVie Inc. (NYSE:ABBV)

Bestgate Wealth Advisors LLC bought a new position in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,810 shares of the company’s stock, valued at approximately $322,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Groupama Asset Managment boosted its position in shares of AbbVie by 40.3% during the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after purchasing an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC bought a new position in shares of AbbVie during the third quarter worth $28,000. Fiduciary Advisors Inc. bought a new stake in AbbVie in the 4th quarter valued at $29,000. Promus Capital LLC bought a new stake in AbbVie in the 4th quarter valued at $30,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie in the 4th quarter valued at $31,000. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In related news, EVP Perry C. Siatis sold 5,778 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This represents a 20.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin K. Buckbee sold 18,944 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,639 shares of company stock worth $11,067,025. Insiders own 0.25% of the company’s stock.

AbbVie Stock Down 0.3 %

AbbVie stock opened at $213.80 on Wednesday. The firm has a market capitalization of $377.43 billion, a PE ratio of 89.08, a P/E/G ratio of 1.62 and a beta of 0.61. The company’s 50-day moving average is $192.47 and its 200-day moving average is $188.31. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter last year, the business earned $2.79 EPS. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.07%. AbbVie’s dividend payout ratio (DPR) is currently 273.33%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research reports. UBS Group boosted their price objective on shares of AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Truist Financial boosted their price objective on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a research report on Tuesday, December 17th. Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Finally, Piper Sandler boosted their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $211.45.

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.