Paradigm Financial Partners LLC Purchases 4,363 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 23rd, 2023

Paradigm Financial Partners LLC raised its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 245.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,142 shares of the company’s stock after purchasing an additional 4,363 shares during the quarter. Paradigm Financial Partners LLC’s holdings in AbbVie were worth $979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ABBV. Goepper Burkhardt LLC lifted its position in AbbVie by 1.9% in the fourth quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock worth $567,000 after buying an additional 67 shares during the last quarter. Sax Wealth Advisors LLC increased its stake in AbbVie by 0.9% in the fourth quarter. Sax Wealth Advisors LLC now owns 7,633 shares of the company’s stock worth $1,233,000 after purchasing an additional 70 shares during the period. 1900 Wealth Management LLC increased its stake in AbbVie by 2.8% in the fourth quarter. 1900 Wealth Management LLC now owns 2,631 shares of the company’s stock worth $425,000 after purchasing an additional 71 shares during the period. Syntal Capital Partners LLC increased its stake in AbbVie by 0.9% in the third quarter. Syntal Capital Partners LLC now owns 7,811 shares of the company’s stock worth $1,048,000 after purchasing an additional 72 shares during the period. Finally, Headinvest LLC increased its stake in AbbVie by 0.5% in the third quarter. Headinvest LLC now owns 14,412 shares of the company’s stock worth $1,934,000 after purchasing an additional 73 shares during the period. 68.27% of the stock is currently owned by institutional investors.

AbbVie Price Performance

ABBV opened at $137.41 on Friday. The business’s 50-day moving average is $145.48 and its two-hundred day moving average is $152.32. AbbVie Inc. has a 1 year low of $131.10 and a 1 year high of $168.11. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.96 and a quick ratio of 0.82. The firm has a market capitalization of $242.43 billion, a PE ratio of 32.48, a price-to-earnings-growth ratio of 2.53 and a beta of 0.58.

AbbVie (NYSE:ABBV – Get Rating) last posted its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.02. The company had revenue of $12.23 billion for the quarter, compared to analyst estimates of $12.23 billion. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.16 earnings per share. Research analysts anticipate that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 4.31%. AbbVie’s dividend payout ratio is presently 139.95%.

Insiders Place Their Bets

In other AbbVie news, SVP Elaine K. Sorg sold 15,002 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.03, for a total value of $2,400,770.06. Following the completion of the sale, the senior vice president now owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Elaine K. Sorg sold 15,002 shares of AbbVie stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the completion of the sale, the senior vice president now owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Perry C. Siatis sold 3,520 shares of AbbVie stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.00, for a total value of $563,200.00. Following the sale, the executive vice president now directly owns 10,377 shares of the company’s stock, valued at approximately $1,660,320. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,151 shares of company stock valued at $5,187,783. 0.26% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of recent analyst reports. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Guggenheim reduced their target price on AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Barclays raised their price target on AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. StockNews.com started coverage on AbbVie in a research note on Thursday, May 18th. They set a “strong-buy” rating on the stock. Finally, Wells Fargo & Company cut their price target on AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.40.

AbbVie Profile

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AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.