AbbVie Inc. (NYSE:ABBV) is Franklin Street Advisors Inc. NC’s 8th Largest Position

Posted by Defense World Staff on Jun 23rd, 2023

Franklin Street Advisors Inc. NC lowered its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 15.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 194,443 shares of the company’s stock after selling 35,520 shares during the period. AbbVie comprises 2.8% of Franklin Street Advisors Inc. NC’s portfolio, making the stock its 8th largest position. Franklin Street Advisors Inc. NC’s holdings in AbbVie were worth $30,988,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in AbbVie by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 156,022,414 shares of the company’s stock worth $20,939,769,000 after buying an additional 2,442,663 shares during the last quarter. State Street Corp raised its position in shares of AbbVie by 0.5% during the 3rd quarter. State Street Corp now owns 77,486,317 shares of the company’s stock worth $10,399,439,000 after purchasing an additional 366,695 shares during the period. Morgan Stanley raised its position in shares of AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after purchasing an additional 4,785,277 shares during the period. Moneta Group Investment Advisors LLC raised its position in shares of AbbVie by 89,097.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after purchasing an additional 29,170,366 shares during the period. Finally, Norges Bank acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $3,033,348,000. Institutional investors own 68.27% of the company’s stock.

Insider Buying and Selling

In related news, EVP Perry C. Siatis sold 3,520 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $160.00, for a total transaction of $563,200.00. Following the completion of the sale, the executive vice president now directly owns 10,377 shares in the company, valued at $1,660,320. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.00, for a total transaction of $563,200.00. Following the transaction, the executive vice president now directly owns 10,377 shares in the company, valued at $1,660,320. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Elaine K. Sorg sold 7,499 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now owns 35,330 shares in the company, valued at $5,711,801.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,151 shares of company stock worth $5,187,783. Corporate insiders own 0.26% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $137.41 on Friday. The stock has a market cap of $242.43 billion, a PE ratio of 32.48, a price-to-earnings-growth ratio of 2.53 and a beta of 0.58. The business has a fifty day simple moving average of $145.48 and a 200-day simple moving average of $152.32. 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 12 month low of $131.10 and a 12 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 (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The business had revenue of $12.23 billion during the quarter, compared to analyst estimates of $12.23 billion. During the same period last year, the company earned $3.16 earnings per share. AbbVie’s quarterly revenue was down 9.7% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on ABBV. Morgan Stanley raised their target price on AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research report on Monday, April 10th. Barclays lifted their price target on AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Guggenheim lowered their price target on AbbVie from $172.00 to $171.00 in a research 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 on the stock. Finally, Wells Fargo & Company lowered their price target on AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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