Foster Victor Wealth Advisors LLC Purchases 7,536 Shares of AbbVie Inc. $ABBV

Foster Victor Wealth Advisors LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV) by 11.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 76,253 shares of the company’s stock after purchasing an additional 7,536 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in AbbVie were worth $14,535,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FF Advisors LLC increased its holdings in AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after purchasing an additional 53 shares in the last quarter. Private Management Group Inc. grew its holdings in shares of AbbVie by 1.9% during the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after buying an additional 54 shares during the last quarter. Silicon Valley Capital Partners raised its holdings in shares of AbbVie by 10.8% in the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after acquiring an additional 56 shares during the last quarter. Seneca House Advisors increased its holdings in AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after purchasing an additional 56 shares in the last quarter. Finally, Castle Wealth Management LLC grew its holdings in AbbVie by 3.4% during the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock worth $361,000 after buying an additional 57 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ABBV shares. JPMorgan Chase & Co. upped their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Citigroup lifted their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Wells Fargo & Company increased their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $223.45.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $222.88 on Wednesday. The company has a 50 day moving average of $204.47 and a 200 day moving average of $195.04. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market cap of $393.74 billion, a P/E ratio of 106.14, a P/E/G ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate 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.