Blue Rock Wealth Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,378 shares of the company's stock, valued at approximately $285,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Focus Partners Wealth lifted its position in shares of AbbVie by 7.8% in the 1st quarter. Focus Partners Wealth now owns 538,219 shares of the company's stock worth $112,768,000 after purchasing an additional 39,164 shares during the period. Integrity Alliance LLC. increased its stake in AbbVie by 974.6% during the 1st quarter. Integrity Alliance LLC. now owns 22,802 shares of the company's stock valued at $4,778,000 after purchasing an additional 20,680 shares in the last quarter. Ransom Advisory Ltd bought a new stake in AbbVie during the 1st quarter valued at $2,769,000. Glenview Trust co increased its stake in AbbVie by 0.5% during the 1st quarter. Glenview Trust co now owns 413,109 shares of the company's stock valued at $86,555,000 after purchasing an additional 1,974 shares in the last quarter. Finally, Aspen Investment Management Inc increased its stake in AbbVie by 6.5% during the 1st quarter. Aspen Investment Management Inc now owns 4,533 shares of the company's stock valued at $950,000 after purchasing an additional 277 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have commented on ABBV shares. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Guggenheim boosted their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Piper Sandler initiated coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $214.95.
Get Our Latest Stock Report on ABBV
Insider Buying and Selling
In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
AbbVie Stock Up 0.3%
ABBV stock opened at $210.46 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company's 50 day moving average is $198.64 and its 200 day moving average is $194.25. The stock has a market cap of $371.79 billion, a price-to-earnings ratio of 100.22, a price-to-earnings-growth ratio of 1.35 and a beta of 0.53. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66.
AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company posted $2.65 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.
AbbVie Profile
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Free Report)
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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