AbbVie Inc. (NYSE:ABBV) is Guinness Asset Management LTD’s 9th Largest Position

Posted by Defense World Staff on Jun 21st, 2023

Guinness Asset Management LTD raised its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 10.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 856,660 shares of the company’s stock after buying an additional 84,137 shares during the quarter. AbbVie makes up approximately 3.5% of Guinness Asset Management LTD’s investment portfolio, making the stock its 9th largest position. Guinness Asset Management LTD’s holdings in AbbVie were worth $136,501,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of ABBV. Retirement Income Solutions Inc acquired a new position in shares of AbbVie in the 1st quarter valued at $204,000. Ergoteles LLC lifted its stake in AbbVie by 17.8% during the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after acquiring an additional 847 shares in the last quarter. First Western Trust Bank acquired a new position in AbbVie during the 1st quarter worth about $1,150,000. Wsfs Capital Management LLC acquired a new position in AbbVie during the 1st quarter worth about $562,000. Finally, Bridgewater Associates LP lifted its stake in AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after acquiring an additional 33,661 shares in the last quarter. Institutional investors and hedge funds own 68.27% of the company’s stock.

Insider Buying and Selling

In related news, SVP Elaine K. Sorg sold 6,130 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The stock was 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 in the company, valued at approximately $5,829,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $161.67, for a total transaction of $1,212,363.33. Following the completion of the sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at approximately $5,711,801.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Elaine K. Sorg sold 6,130 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total value of $1,011,450.00. Following the sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,829,450. The disclosure for this sale can be found here. Insiders have sold 32,151 shares of company stock worth $5,187,783 in the last quarter. 0.26% of the stock is owned by insiders.

AbbVie Trading Down 0.6 %

NYSE:ABBV opened at $137.86 on Wednesday. The stock’s 50 day moving average price is $146.49 and its 200 day moving average price is $152.54. The company has a market capitalization of $243.23 billion, a PE ratio of 32.59, a P/E/G ratio of 2.53 and a beta of 0.58. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. AbbVie Inc. has a 52-week low of $131.10 and a 52-week high of $168.11.

AbbVie (NYSE:ABBV – Get Rating) last released its quarterly earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. The firm had revenue of $12.23 billion for the quarter, compared to the consensus estimate 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 last year, the business posted $3.16 EPS. On average, research analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current year.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several research reports. Guggenheim decreased their target price on AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Barclays increased their target price on AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Wells Fargo & Company decreased their target price on AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Finally, Morgan Stanley upped their price target on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a report on Monday, April 10th. 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 data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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.