AbbVie Inc. (NYSE:ABBV) is D. Scott Neal Inc.’s 3rd Largest Position

Posted by Defense World Staff on Jun 24th, 2023

D. Scott Neal Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 7.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,605 shares of the company’s stock after selling 4,598 shares during the period. AbbVie comprises approximately 5.1% of D. Scott Neal Inc.’s portfolio, making the stock its 3rd largest position. D. Scott Neal Inc.’s holdings in AbbVie were worth $9,181,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Retirement Income Solutions Inc bought a new position in shares of AbbVie during the first quarter valued at about $204,000. Ergoteles LLC raised its stake in shares of AbbVie by 17.8% during the first quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock valued at $909,000 after acquiring an additional 847 shares during the last quarter. First Western Trust Bank bought a new position in shares of AbbVie during the first quarter valued at about $1,150,000. Wsfs Capital Management LLC bought a new position in shares of AbbVie during the first quarter valued at about $562,000. Finally, Bridgewater Associates LP raised its stake in shares of AbbVie by 80.4% during the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after acquiring an additional 33,661 shares during the last quarter. 68.27% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Trading Down 1.1 %

NYSE:ABBV opened at $135.92 on Friday. The company’s 50 day moving average price is $144.96 and its 200-day moving average price is $152.13. AbbVie Inc. has a 52 week low of $131.10 and a 52 week 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 stock has a market cap of $239.80 billion, a price-to-earnings ratio of 32.13, a PEG ratio of 2.53 and a beta of 0.58.

AbbVie (NYSE:ABBV – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The company reported $2.46 EPS 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 for the quarter, compared to analysts’ expectations of $12.23 billion. During the same quarter in the prior year, the company posted $3.16 earnings per share. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Thursday, July 13th. AbbVie’s payout ratio is 139.95%.

Insider Buying and Selling

In related news, SVP Elaine K. Sorg sold 15,002 shares of the firm’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 value of $2,400,770.06. Following the sale, the senior vice president now owns 42,829 shares in the company, valued at $6,853,924.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Elaine K. Sorg sold 15,002 shares of the firm’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 value of $2,400,770.06. Following the sale, the senior vice president now owns 42,829 shares in the company, valued at $6,853,924.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction that occurred 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 owns 10,377 shares in the company, valued at approximately $1,660,320. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,151 shares of company stock worth $5,187,783. 0.26% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ABBV shares. Wells Fargo & Company decreased their price target on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Guggenheim decreased their price target on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. StockNews.com started coverage on shares of AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating for the company. Morgan Stanley increased their price target on shares of AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie has an average 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.