Legacy Private Trust Co. Sells 589 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 24th, 2023

Legacy Private Trust Co. decreased its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,448 shares of the company’s stock after selling 589 shares during the period. Legacy Private Trust Co.’s holdings in AbbVie were worth $3,418,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Vontobel Holding Ltd. raised its position in AbbVie by 86.2% in the first quarter. Vontobel Holding Ltd. now owns 353,831 shares of the company’s stock worth $56,390,000 after acquiring an additional 163,840 shares during the period. Country Club Bank GFN raised its position in shares of AbbVie by 12.1% in the first quarter. Country Club Bank GFN now owns 11,189 shares of the company’s stock valued at $1,767,000 after purchasing an additional 1,209 shares during the period. Atlas Private Wealth Advisors lifted its stake in shares of AbbVie by 13.3% during the 1st quarter. Atlas Private Wealth Advisors now owns 1,643 shares of the company’s stock valued at $262,000 after buying an additional 193 shares in the last quarter. Naviter Wealth LLC boosted its holdings in AbbVie by 0.9% in the 1st quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock worth $1,176,000 after buying an additional 68 shares during the period. Finally, First National Bank of Mount Dora Trust Investment Services grew its stake in AbbVie by 4.3% in the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 52,042 shares of the company’s stock valued at $8,294,000 after buying an additional 2,125 shares in the last quarter. Institutional investors own 68.27% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock opened at $135.92 on Friday. The firm has a market capitalization of $239.80 billion, a PE ratio of 32.13, a price-to-earnings-growth 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. AbbVie Inc. has a 12 month low of $131.10 and a 12 month high of $168.11. The business’s 50-day moving average price is $144.96 and its 200-day moving average price is $152.13.

AbbVie (NYSE:ABBV – Get Rating) last issued 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 business had revenue of $12.23 billion for the quarter, compared to analysts’ expectations of $12.23 billion. During the same period last year, the business earned $3.16 earnings per share. The business’s quarterly revenue was down 9.7% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business 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 dividend of $1.48 per share. The ex-dividend date is Thursday, July 13th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.36%. AbbVie’s dividend payout ratio (DPR) is currently 139.95%.

Insider Transactions at AbbVie

In related news, SVP Elaine K. Sorg sold 15,002 shares of the stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the completion of the sale, the senior vice president now directly owns 42,829 shares in the company, valued at approximately $6,853,924.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Elaine K. Sorg sold 15,002 shares of the stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the completion of the sale, the senior vice president now owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Perry C. Siatis sold 3,520 shares of AbbVie 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 transaction, the executive vice president now directly owns 10,377 shares in the company, valued at $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. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. Morgan Stanley raised their price target on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a report on Monday, April 10th. Barclays lifted their target price on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Guggenheim lowered their price target on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Wells Fargo & Company decreased their target price on shares of AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Finally, StockNews.com initiated coverage on shares of AbbVie in a report on Thursday, May 18th. They issued a “strong-buy” rating for the company. Eight 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. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus 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.