Three Bridge Wealth Advisors LLC Makes New $495,000 Investment in AbbVie Inc. $ABBV

Key Points

• Three Bridge Wealth Advisors LLC has made a new investment of $495,000 in AbbVie Inc., acquiring 2,668 shares during the second quarter.
• Analysts have recently increased their price targets for AbbVie, with BMO Capital Markets raising its target from $215.00 to $240.00 and Guggenheim boosting its target from $216.00 to $227.00.
• AbbVie announced a quarterly dividend of $1.64, with a yield of 2.8%, scheduled for payment on November 14th, with an ex-dividend date of October 15th.

Three Bridge Wealth Advisors LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,668 shares of the company's stock, valued at approximately $495,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Merit Financial Group LLC boosted its position in shares of AbbVie by 34.8% during the second quarter. Merit Financial Group LLC now owns 79,581 shares of the company's stock worth $14,772,000 after buying an additional 20,548 shares during the period. Measured Risk Portfolios Inc. boosted its position in shares of AbbVie by 2.7% during the second quarter. Measured Risk Portfolios Inc. now owns 11,049 shares of the company's stock worth $2,051,000 after buying an additional 294 shares during the period. Beacon Financial Advisory LLC boosted its position in shares of AbbVie by 4.6% during the second quarter. Beacon Financial Advisory LLC now owns 9,172 shares of the company's stock worth $1,702,000 after buying an additional 405 shares during the period. Alta Wealth Advisors LLC boosted its position in shares of AbbVie by 1.8% during the second quarter. Alta Wealth Advisors LLC now owns 8,057 shares of the company's stock worth $1,496,000 after buying an additional 141 shares during the period. Finally, Iron Horse Wealth Management LLC boosted its position in shares of AbbVie by 78.9% during the second quarter. Iron Horse Wealth Management LLC now owns 476 shares of the company's stock worth $88,000 after buying an additional 210 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ABBV has been the subject of several recent research reports. BMO Capital Markets upped their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Hsbc Global Res cut AbbVie from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 1st. HSBC set a $225.00 price target on AbbVie in a research report on Thursday. Finally, Evercore ISI increased their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research report on Monday, September 22nd. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $228.22.

AbbVie Price Performance

NYSE:ABBV opened at $234.07 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock's 50 day moving average price is $210.77 and its two-hundred day moving average price is $195.79. The firm has a market capitalization of $413.49 billion, a price-to-earnings ratio of 111.46, a P/E/G ratio of 1.37 and a beta of 0.51. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. On average, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie's dividend payout ratio is currently 312.38%.

Insider Activity at AbbVie

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

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.

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