Procyon Advisors LLC Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 21st, 2023

Procyon Advisors LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 1.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 29,796 shares of the company’s stock after purchasing an additional 563 shares during the period. AbbVie makes up about 0.8% of Procyon Advisors LLC’s investment portfolio, making the stock its 29th largest holding. Procyon Advisors LLC’s holdings in AbbVie were worth $4,749,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of AbbVie by 85.3% in the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock worth $27,000 after buying an additional 93 shares during the last quarter. Align Wealth Management LLC purchased a new position in shares of AbbVie in the 4th quarter worth $27,000. Red Tortoise LLC purchased a new position in shares of AbbVie in the 4th quarter worth $27,000. Boulder Wealth Advisors LLC purchased a new position in shares of AbbVie in the 4th quarter worth $31,000. Finally, My Personal CFO LLC purchased a new position in shares of AbbVie in the 4th quarter worth $32,000. 68.27% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.6 %

ABBV opened at $137.86 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. The company has a market cap 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. The company has a 50-day moving average price of $146.49 and a 200 day moving average price of $152.54. AbbVie Inc. has a twelve month low of $131.10 and a twelve month high of $168.11.

AbbVie (NYSE:ABBV – Get Rating) last announced its quarterly earnings data on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating 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 business had revenue of $12.23 billion for the quarter, compared to analyst estimates of $12.23 billion. During the same period last year, the business earned $3.16 EPS. The company’s revenue was down 9.7% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research reports. StockNews.com initiated coverage on AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Guggenheim decreased their target price on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Argus cut AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Wells Fargo & Company decreased their target price on AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Finally, Barclays raised their target price on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Eight investment 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $163.40.

Insider Buying and Selling at AbbVie

In other 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 value of $2,400,770.06. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Elaine K. Sorg sold 6,130 shares of the company’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the transaction, the senior vice president now owns 35,330 shares of the company’s stock, valued at $5,829,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Elaine K. Sorg sold 15,002 shares of the company’s 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 transaction, the senior vice president now directly owns 42,829 shares in the company, valued at approximately $6,853,924.87. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,151 shares of company stock worth $5,187,783. 0.26% of the stock is owned by company insiders.

AbbVie Company 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.