Allspring Global Investments Holdings LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 25th, 2023

Allspring Global Investments Holdings LLC lowered its holdings in AbbVie Inc. (NYSE:ABBV – Get Rating) by 19.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 610,365 shares of the company’s stock after selling 150,223 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AbbVie were worth $97,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Red Tortoise LLC bought a new stake in AbbVie during the fourth quarter valued at about $27,000. Boulder Wealth Advisors LLC bought a new stake in AbbVie during the fourth quarter valued at about $31,000. My Personal CFO LLC bought a new stake in AbbVie during the fourth quarter valued at about $32,000. Align Wealth Management LLC bought a new stake in AbbVie during the fourth quarter valued at about $27,000. Finally, Oliver Lagore Vanvalin Investment Group grew its holdings in AbbVie by 85.3% during the third quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock valued at $27,000 after purchasing an additional 93 shares during the period. Institutional investors own 68.27% of the company’s stock.

AbbVie Trading Down 1.1 %

Shares of ABBV stock opened at $135.92 on Friday. AbbVie Inc. has a 1 year low of $131.10 and a 1 year high of $168.11. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.96 and a quick ratio of 0.82. The stock’s 50 day simple moving average is $144.96 and its two-hundred day simple moving average is $152.05. The company has a market cap 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.

AbbVie (NYSE:ABBV – Get Rating) last released its 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. The firm had revenue of $12.23 billion for the quarter, compared to analysts’ expectations of $12.23 billion. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The company’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.16 earnings per share. Research analysts predict that AbbVie Inc. will post 10.97 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced 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 is 139.95%.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent analyst reports. Barclays upped their price objective on AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Guggenheim dropped their price objective on AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Morgan Stanley upped their price objective on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. Finally, Wells Fargo & Company dropped their price objective on AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Eight investment 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $163.40.

Insider Activity

In related news, SVP Elaine K. Sorg sold 6,130 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president now owns 35,330 shares of the company’s stock, valued at $5,829,450. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the stock in a transaction on Monday, April 17th. The stock was sold at an average price of $161.67, for a total transaction of $1,212,363.33. Following the sale, the senior vice president now owns 35,330 shares of the company’s stock, valued at approximately $5,711,801.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Elaine K. Sorg sold 6,130 shares of the stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total value of $1,011,450.00. Following the sale, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,829,450. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,151 shares of company stock valued at $5,187,783. 0.26% of the stock is currently owned by insiders.

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.