Country Club Bank GFN Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 24th, 2023

Country Club Bank GFN lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 12.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,189 shares of the company’s stock after buying an additional 1,209 shares during the period. Country Club Bank GFN’s holdings in AbbVie were worth $1,767,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Moneta Group Investment Advisors LLC raised its holdings in AbbVie by 89,097.0% during the fourth 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 last quarter. Norges Bank acquired a new position in AbbVie during the fourth quarter worth $3,033,348,000. Edmp Inc. raised its holdings in AbbVie by 15,607.4% during the fourth quarter. Edmp Inc. now owns 5,249,578 shares of the company’s stock worth $32,483,000 after purchasing an additional 5,216,157 shares during the last quarter. Morgan Stanley raised its holdings in AbbVie by 17.9% during the fourth 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 last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in AbbVie by 426.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after purchasing an additional 3,768,579 shares during the last quarter. 68.27% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $135.92 on Friday. The business has a fifty day simple moving average of $144.96 and a 200-day simple moving average of $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 company has a market cap of $239.80 billion, a P/E ratio of 32.13, a P/E/G 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. During the same quarter in the previous year, the business earned $3.16 earnings per share. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 10.97 EPS for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders 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 yield of 4.36%. The ex-dividend date of this dividend is Thursday, July 13th. AbbVie’s dividend payout ratio (DPR) is presently 139.95%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the business’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 completion of the sale, the executive vice president now owns 10,377 shares of the company’s stock, valued at $1,660,320. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other AbbVie news, SVP Elaine K. Sorg sold 6,130 shares of the business’s stock in a transaction dated 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 $5,829,450. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Perry C. Siatis sold 3,520 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.00, for a total value of $563,200.00. Following the transaction, 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 90 days, insiders sold 32,151 shares of company stock valued at $5,187,783. Company insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABBV. Morgan Stanley lifted their price objective on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a report on Monday, April 10th. Wells Fargo & Company reduced their price objective on AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. StockNews.com started coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Finally, Guggenheim dropped their price target on AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price 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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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