Inspirion Wealth Advisors LLC Acquires 4,208 Shares of AbbVie Inc. $ABBV

Inspirion Wealth Advisors LLC grew its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 205,477 shares of the company’s stock after purchasing an additional 4,208 shares during the quarter. AbbVie accounts for 5.0% of Inspirion Wealth Advisors LLC’s holdings, making the stock its 7th largest holding. Inspirion Wealth Advisors LLC’s holdings in AbbVie were worth $38,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently modified their holdings of the company. Alesco Advisors LLC boosted its stake in shares of AbbVie by 59.3% during the 2nd quarter. Alesco Advisors LLC now owns 2,664 shares of the company’s stock worth $494,000 after purchasing an additional 992 shares during the last quarter. New England Research & Management Inc. boosted its stake in shares of AbbVie by 7.0% during the 2nd quarter. New England Research & Management Inc. now owns 20,441 shares of the company’s stock worth $3,794,000 after purchasing an additional 1,335 shares during the last quarter. Krilogy Financial LLC boosted its stake in shares of AbbVie by 11.1% during the 2nd quarter. Krilogy Financial LLC now owns 11,800 shares of the company’s stock worth $2,190,000 after purchasing an additional 1,178 shares during the last quarter. Fragasso Financial Advisors Inc boosted its stake in shares of AbbVie by 1.4% during the 2nd quarter. Fragasso Financial Advisors Inc now owns 21,424 shares of the company’s stock worth $3,977,000 after purchasing an additional 291 shares during the last quarter. Finally, Fiduciary Alliance LLC boosted its stake in shares of AbbVie by 24.3% during the 2nd quarter. Fiduciary Alliance LLC now owns 21,043 shares of the company’s stock worth $3,906,000 after purchasing an additional 4,117 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on ABBV. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Finally, Piper Sandler started coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $220.43.

Insider Buying and Selling

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

AbbVie Trading Down 0.6%

Shares of ABBV stock opened at $216.27 on Wednesday. The firm has a market cap of $382.05 billion, a P/E ratio of 102.99, a PEG ratio of 1.40 and a beta of 0.53. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $221.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm’s 50-day simple moving average is $201.39 and its 200-day simple moving average is $194.66.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

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.