Cetera Investment Advisers acquires 1,999 shares of AbbVie Inc. (NYSE:ABBV)

Cetera Investment Advisers boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 610,223 shares of the company’s stock after acquiring an additional 1,999 shares during the quarter. Cetera Investment Advisers’ holdings in AbbVie were worth $104,666,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie in the fourth quarter valued at $26,000. Fairway Wealth LLC purchased a new position in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in shares of AbbVie in the second quarter valued at about $27,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter valued at about $33,000. Finally, IFS Advisors LLC bought a new position in shares of AbbVie in the first quarter worth about $36,000. 70.23% of the shares are currently owned by institutional investors and hedge funds.

Insider buying and selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The shares were 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 approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a filing with the SEC, which is accessible through the SEC’s website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of shares are currently held by company insiders.

AbbVie stock up 1.4%

Shares of NYSE:ABBV opened at $197.48 on Tuesday. The firm has a market cap of $348.72 billion, a P/E ratio of 58.60, a PEG ratio of 2.65 and a beta of 0.64. AbbVie Inc. it has a 52-week low of $135.85 and a 52-week high of $199.95. The company’s 50-day simple moving average is $192.02, and its two-hundred-day simple moving average is $176.34. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71, and a current ratio of 0.81.

AbbVie (NYSE:ABBV – Get Your Free Report ) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion for 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%. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $2.91 EPS. As a group, research analysts forecast that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents an annualized dividend of $6.20 and a dividend yield of 3.14%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.

Analysts on Wall Street are forecasting an increase

ABBV has been the subject of several analyst reports. Truist Financial restated a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Barclays boosted their target price on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, BMO Capital Markets raised their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $191.64.

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About AbbVie

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AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The company offers Humira, an injection for Behçet’s autoimmune and intestinal diseases and pyoderma gangrenosum; Skyrizi for the treatment of 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 cancer; Epkinly for treating lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.

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