Flagship Harbor Advisors LLC Has $5.45 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 23rd, 2023

Flagship Harbor Advisors LLC raised its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 13.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,187 shares of the company’s stock after buying an additional 3,934 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in AbbVie were worth $5,448,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Centaurus Financial Inc. grew its holdings in shares of AbbVie by 4.8% during the 3rd quarter. Centaurus Financial Inc. now owns 14,439 shares of the company’s stock worth $1,938,000 after purchasing an additional 667 shares in the last quarter. First Citizens Financial Corp grew its holdings in shares of AbbVie by 2.3% during the 4th quarter. First Citizens Financial Corp now owns 4,505 shares of the company’s stock worth $728,000 after purchasing an additional 100 shares in the last quarter. Chesapeake Wealth Management grew its holdings in shares of AbbVie by 21.4% during the 4th quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock worth $2,114,000 after purchasing an additional 2,305 shares in the last quarter. Crescent Sterling Ltd. acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $3,486,000. Finally, Lindbrook Capital LLC grew its holdings in shares of AbbVie by 9.8% during the 4th quarter. Lindbrook Capital LLC now owns 10,608 shares of the company’s stock worth $1,714,000 after purchasing an additional 944 shares in the last quarter. Institutional investors and hedge funds own 68.27% of the company’s stock.

Insider Transactions at AbbVie

In other news, SVP Elaine K. Sorg sold 6,130 shares of the business’s stock in a transaction 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 completion of the sale, the senior vice president now owns 35,330 shares in the company, valued at $5,829,450. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction 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 completion of the sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,829,450. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Elaine K. Sorg sold 15,002 shares of AbbVie stock in a transaction on Monday, April 3rd. The stock was 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 directly owns 42,829 shares of the company’s stock, valued at $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 90 days. 0.26% of the stock is owned by insiders.

AbbVie Trading Up 0.4 %

ABBV stock opened at $137.41 on Friday. The company has a market cap of $242.43 billion, a P/E ratio of 32.48, a PEG ratio of 2.53 and a beta of 0.58. AbbVie Inc. has a twelve month low of $131.10 and a twelve month high of $168.11. 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 business has a fifty day moving average of $145.48 and a 200-day moving average of $152.32.

AbbVie (NYSE:ABBV – Get Rating) last released its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. The company had revenue of $12.23 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.16 earnings per share. As a group, equities research analysts expect that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.31%. AbbVie’s payout ratio is currently 139.95%.

Analyst Ratings Changes

Several analysts have recently weighed in on ABBV shares. Guggenheim decreased their price objective on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. StockNews.com assumed coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Morgan Stanley raised their target price on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research report on Monday, April 10th. Wells Fargo & Company cut their target price on AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Finally, Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently 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.