Three Bridge Wealth Advisors LLC Invests $495,000 in AbbVie Inc. $ABBV

Three Bridge Wealth Advisors LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,668 shares of the company’s stock, valued at approximately $495,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Merit Financial Group LLC increased its stake in AbbVie by 34.8% during the 2nd quarter. Merit Financial Group LLC now owns 79,581 shares of the company’s stock worth $14,772,000 after acquiring an additional 20,548 shares during the period. Measured Risk Portfolios Inc. increased its stake in AbbVie by 2.7% during the 2nd quarter. Measured Risk Portfolios Inc. now owns 11,049 shares of the company’s stock worth $2,051,000 after acquiring an additional 294 shares during the period. Beacon Financial Advisory LLC increased its stake in AbbVie by 4.6% during the 2nd quarter. Beacon Financial Advisory LLC now owns 9,172 shares of the company’s stock worth $1,702,000 after acquiring an additional 405 shares during the period. Alta Wealth Advisors LLC increased its stake in AbbVie by 1.8% during the 2nd quarter. Alta Wealth Advisors LLC now owns 8,057 shares of the company’s stock worth $1,496,000 after acquiring an additional 141 shares during the period. Finally, Iron Horse Wealth Management LLC increased its stake in AbbVie by 78.9% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 476 shares of the company’s stock worth $88,000 after acquiring an additional 210 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ABBV. Evercore ISI raised their price objective on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. JPMorgan Chase & Co. raised their price objective on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. UBS Group set a $251.00 price objective on AbbVie in a research note on Friday. Citigroup lifted their price target on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Finally, Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.22.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’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 sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

AbbVie Trading Down 1.1%

Shares of ABBV opened at $234.07 on Monday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The firm has a market cap of $413.49 billion, a price-to-earnings ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51. The business’s fifty day moving average is $210.77 and its 200-day moving average is $195.79.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $14.93 billion. During the same period last year, the business earned $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) 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.