Parcion Private Wealth LLC Grows Position in AbbVie Inc. (NYSE:ABBV)

Parcion Private Wealth LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 22.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,497 shares of the company’s stock after buying an additional 2,693 shares during the period. Parcion Private Wealth LLC’s holdings in AbbVie were worth $2,863,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Fairway Wealth LLC acquired a new stake in shares of AbbVie in the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie in the 2nd quarter valued at $27,000. Quest Partners LLC increased its stake in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the 1st quarter valued at about $37,000. Finally, Marquette Asset Management LLC purchased a new stake in shares of AbbVie in the third quarter valued at about $39,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on ABBV shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Bank of America increased their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Citigroup upped their price target on AbbVie from $170.00 to $215.00 and gave the company a “buy” rating in a research note on Friday. Finally, Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $199.39.

AbbVie Stock Performance

NYSE:ABBV opened at $187.81 on Friday. The company has a market cap of $331.64 billion, a price-to-earnings ratio of 55.73, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a fifty day simple moving average of $194.14 and a two-hundred day simple moving average of $178.16.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the firm earned $2.91 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

About AbbVie

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.