Elk River Wealth Management LLC Has $1.14 Million Position in AbbVie Inc. (NYSE:ABBV)

Posted by on Jun 24th, 2023

Elk River Wealth Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV – Get Rating) by 7.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,181 shares of the company’s stock after selling 592 shares during the quarter. Elk River Wealth Management LLC’s holdings in AbbVie were worth $1,144,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Red Tortoise LLC acquired a new stake in shares of AbbVie during the 4th quarter worth about $27,000. Boulder Wealth Advisors LLC acquired a new stake in AbbVie during the fourth quarter worth approximately $31,000. My Personal CFO LLC bought a new stake in shares of AbbVie during the fourth quarter worth approximately $32,000. Align Wealth Management LLC acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $27,000. Finally, Oliver Lagore Vanvalin Investment Group increased its stake in shares of AbbVie by 85.3% during the third quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock worth $27,000 after purchasing an additional 93 shares during the period. 68.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Wells Fargo & Company lowered their price target on shares of AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Guggenheim cut their price objective on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Morgan Stanley lifted their price target on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research report on Monday, April 10th. Finally, StockNews.com initiated coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating on the stock. Eight equities research 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. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $163.40.

Insider Activity at AbbVie

In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $160.00, for a total value of $563,200.00. Following the completion of the transaction, the executive vice president now directly owns 10,377 shares in the company, valued at approximately $1,660,320. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total value of $1,011,450.00. Following the completion of the transaction, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at approximately $5,829,450. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Perry C. Siatis sold 3,520 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $160.00, for a total value of $563,200.00. Following 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. Insiders sold a total of 32,151 shares of company stock worth $5,187,783 in the last quarter. 0.26% of the stock is owned by insiders.

AbbVie Trading Down 1.1 %

ABBV opened at $135.92 on Friday. The company has a market cap of $239.80 billion, a P/E ratio of 32.13, a PEG ratio of 2.53 and a beta of 0.58. The company has a current ratio of 0.96, a quick ratio of 0.82 and a debt-to-equity ratio of 4.46. The company’s 50 day moving average is $144.96 and its 200-day moving average is $152.13. AbbVie Inc. has a 1-year low of $131.10 and a 1-year high of $168.11.

AbbVie (NYSE:ABBV – Get Rating) last released its quarterly earnings data on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.44 by $0.02. The company had revenue of $12.23 billion for 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%. AbbVie’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter last year, the business posted $3.16 EPS. Equities research analysts predict that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

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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