Wallington Asset Management LLC Invests $277,000 in AbbVie Inc. (NYSE:ABBV)

Wallington Asset Management LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,401 shares of the company’s stock, valued at approximately $277,000.

Several other institutional investors have also recently made changes to their positions in ABBV. Fairway Wealth LLC bought a new stake in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the 2nd quarter valued at approximately $27,000. Marquette Asset Management LLC bought a new stake in AbbVie during the 3rd quarter valued at approximately $39,000. Redmont Wealth Advisors LLC bought a new stake in AbbVie during the 1st quarter valued at approximately $37,000. Finally, Quest Partners LLC raised its stake in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

Shares of AbbVie stock opened at $187.87 on Thursday. The stock has a market cap of $331.75 billion, a price-to-earnings ratio of 55.75, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a 50 day moving average price of $194.22 and a 200-day moving average price of $178.08. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.91 EPS. Equities analysts expect that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. BMO Capital Markets lifted their target price on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Truist Financial lifted their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. TD Cowen lifted their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Morgan Stanley raised their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $198.47.

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.