First PREMIER Bank Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 21st, 2023

First PREMIER Bank boosted its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,047 shares of the company’s stock after acquiring an additional 231 shares during the period. First PREMIER Bank’s holdings in AbbVie were worth $1,602,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ABBV. Moneta Group Investment Advisors LLC raised its holdings in shares of AbbVie by 89,097.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after buying an additional 29,170,366 shares during the last quarter. Norges Bank purchased a new position in shares of AbbVie in the fourth quarter worth $3,033,348,000. Edmp Inc. raised its holdings in shares of AbbVie by 15,607.4% in the fourth quarter. Edmp Inc. now owns 5,249,578 shares of the company’s stock worth $32,483,000 after buying an additional 5,216,157 shares during the last quarter. Morgan Stanley raised its holdings in shares of AbbVie by 17.9% in the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after buying an additional 4,785,277 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of AbbVie by 426.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after buying an additional 3,768,579 shares during the last quarter. Hedge funds and other institutional investors own 68.27% of the company’s stock.

AbbVie Price Performance

Shares of ABBV stock opened at $137.86 on Wednesday. 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’s 50-day moving average is $146.49 and its two-hundred day moving average is $152.54. AbbVie Inc. has a 12 month low of $131.10 and a 12 month high of $168.11. The company has a market capitalization of $243.23 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 2.53 and a beta of 0.58.

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

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Elaine K. Sorg sold 15,002 shares of AbbVie stock in a transaction dated Monday, April 3rd. The shares were 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 directly owns 42,829 shares in the company, valued at $6,853,924.87. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Elaine K. Sorg sold 7,499 shares of AbbVie stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $161.67, for a total value of $1,212,363.33. Following the completion of the transaction, the senior vice president now owns 35,330 shares in the company, valued at $5,711,801.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Elaine K. Sorg sold 15,002 shares of AbbVie stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the completion of the transaction, the senior vice president now owns 42,829 shares of the company’s stock, valued at approximately $6,853,924.87. The disclosure for this sale can be found here. Insiders sold a total of 32,151 shares of company stock worth $5,187,783 over the last three months. Insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Morgan Stanley increased their price objective on shares of AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Wolfe Research lowered shares of AbbVie from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, February 22nd. They noted that the move was a valuation call. Finally, Wells Fargo & Company dropped their price target on shares of AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Eight equities research 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $163.40.

About AbbVie

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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.