AbbVie Inc. (NYSE:ABBV) Shares Bought by Matrix Asset Advisors Inc. NY

Matrix Asset Advisors Inc. NY lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 145,247 shares of the company’s stock after buying an additional 2,291 shares during the quarter. AbbVie makes up approximately 3.0% of Matrix Asset Advisors Inc. NY’s portfolio, making the stock its 11th biggest position. Matrix Asset Advisors Inc. NY’s holdings in AbbVie were worth $24,913,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in shares of AbbVie in the 4th quarter valued at about $26,000. IFS Advisors LLC purchased a new position in AbbVie in the first quarter valued at approximately $36,000. Redmont Wealth Advisors LLC acquired a new stake in AbbVie during the first quarter worth approximately $37,000. Able Wealth Management LLC acquired a new stake in AbbVie during the fourth quarter worth approximately $33,000. Finally, Valued Wealth Advisors LLC lifted its position in shares of AbbVie by 111.1% during the 1st quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock worth $42,000 after buying an additional 120 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

AbbVie Price Performance

Shares of ABBV stock traded up $0.28 during mid-day trading on Monday, reaching $190.21. The stock had a trading volume of 4,808,321 shares, compared to its average volume of 5,575,504. The company has a market cap of $335.89 billion, a P/E ratio of 56.44, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $193.91. The business has a 50-day simple moving average of $173.94 and a 200 day simple moving average of $171.45.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the company posted $2.91 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

ABBV has been the subject of several research reports. Barclays boosted their target price on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets increased their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Piper Sandler reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Morgan Stanley increased their price target on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $190.29.

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.