Guinness Atkinson Asset Management Inc Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 21st, 2023

Guinness Atkinson Asset Management Inc increased its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,737 shares of the company’s stock after buying an additional 80 shares during the quarter. Guinness Atkinson Asset Management Inc’s holdings in AbbVie were worth $596,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Guinness Asset Management LTD raised its position in shares of AbbVie by 10.9% during the 1st quarter. Guinness Asset Management LTD now owns 856,660 shares of the company’s stock valued at $136,501,000 after buying an additional 84,137 shares during the period. CRA Financial Services LLC increased its holdings in AbbVie by 3.3% in the 1st quarter. CRA Financial Services LLC now owns 8,874 shares of the company’s stock valued at $1,414,000 after purchasing an additional 281 shares during the last quarter. Austin Private Wealth LLC increased its holdings in AbbVie by 18.5% in the 1st quarter. Austin Private Wealth LLC now owns 3,104 shares of the company’s stock valued at $495,000 after purchasing an additional 484 shares during the last quarter. Thrive Wealth Management LLC increased its holdings in AbbVie by 1.7% in the 1st quarter. Thrive Wealth Management LLC now owns 4,538 shares of the company’s stock valued at $723,000 after purchasing an additional 76 shares during the last quarter. Finally, Diversified Trust Co increased its holdings in AbbVie by 6.0% in the 1st quarter. Diversified Trust Co now owns 45,246 shares of the company’s stock valued at $7,211,000 after purchasing an additional 2,544 shares during the last quarter. Hedge funds and other institutional investors own 68.27% of the company’s stock.

Insider Activity at AbbVie

In other news, SVP Elaine K. Sorg sold 15,002 shares of the company’s 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 completion of the sale, the senior vice president now directly owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Elaine K. Sorg sold 15,002 shares of the company’s 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 completion of the sale, the senior vice president now directly owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Elaine K. Sorg sold 7,499 shares of the company’s stock in a transaction dated Monday, April 17th. The shares were 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 $5,711,801.10. The disclosure for this sale can be found here. Insiders sold a total of 32,151 shares of company stock valued at $5,187,783 over the last ninety days. Insiders own 0.26% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $137.86 on Wednesday. AbbVie Inc. has a 1-year low of $131.10 and a 1-year high of $168.11. The stock 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 debt-to-equity ratio of 4.46, a current ratio of 0.96 and a quick ratio of 0.82. The firm has a fifty day moving average price of $146.49 and a 200 day moving average price of $152.54.

AbbVie (NYSE:ABBV – Get Rating) last announced its quarterly earnings results 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 firm had revenue of $12.23 billion during the quarter, compared to analysts’ expectations of $12.23 billion. During the same period in the previous year, the company earned $3.16 earnings per share. AbbVie’s quarterly revenue was down 9.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on ABBV shares. Guggenheim dropped their target price on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Barclays lifted their target price on shares of AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Wolfe Research downgraded shares of AbbVie from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, February 22nd. They noted that the move was a valuation call. Wells Fargo & Company dropped their price target on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Finally, Argus downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $163.40.

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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