PMG Wealth Management Inc. Takes Position in AbbVie Inc. $ABBV

PMG Wealth Management Inc. purchased a new stake in AbbVie Inc. (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,234 shares of the company’s stock, valued at approximately $1,343,000. AbbVie accounts for about 1.1% of PMG Wealth Management Inc.’s investment portfolio, making the stock its 22nd largest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie in the second quarter valued at approximately $25,000. TD Capital Management LLC raised its position in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the period. Abound Financial LLC bought a new stake in shares of AbbVie in the first quarter valued at approximately $30,000. Siemens Fonds Invest GmbH raised its position in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Finally, Cypress Capital Management LLC WY purchased a new position in AbbVie during the first quarter valued at approximately $35,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.0%

NYSE:ABBV opened at $220.75 on Friday. The company has a fifty day moving average of $206.24 and a 200 day moving average of $195.16. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $225.16. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $389.97 billion, a P/E ratio of 105.12, a P/E/G ratio of 1.29 and a beta of 0.53.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 earnings per share. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie’s dividend payout ratio is 312.38%.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABBV. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and boosted their price objective for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Wells Fargo & Company boosted their price objective on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Finally, Morgan Stanley boosted their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% 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 corporate 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.