Beacon Financial Group decreased its position in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 14.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,657 shares of the company’s stock after selling 1,965 shares during the period. Beacon Financial Group’s holdings in AbbVie were worth $1,880,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Oliver Lagore Vanvalin Investment Group raised its position 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 valued at $27,000 after buying an additional 93 shares during the last quarter. Align Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $27,000. Red Tortoise LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $27,000. Boulder Wealth Advisors LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $31,000. Finally, My Personal CFO LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $32,000. Institutional investors own 68.27% of the company’s stock.
Analyst Ratings Changes
ABBV has been the subject of a number of recent research reports. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Guggenheim cut their target price on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Morgan Stanley lifted their price objective 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. Wells Fargo & Company dropped their price objective on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Finally, StockNews.com began coverage on shares of AbbVie in a research note on Thursday, May 18th. They set 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 given a strong buy rating to the company. According to data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $163.40.
AbbVie Stock Down 1.1 %
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 firm had revenue of $12.23 billion during 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%. The firm’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.16 earnings per share. Analysts anticipate that AbbVie Inc. will post 10.97 EPS for the current year.
AbbVie Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a $1.48 dividend. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $5.92 annualized dividend and a dividend yield of 4.36%. AbbVie’s payout ratio is currently 139.95%.
Insider Activity at AbbVie
In related news, SVP Elaine K. Sorg sold 15,002 shares of AbbVie stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.03, for a total value 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 $6,853,924.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 $1,660,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Elaine K. Sorg sold 15,002 shares of the business’s 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 transaction, the senior vice president now owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The disclosure for this sale can be found here. Insiders sold 32,151 shares of company stock worth $5,187,783 over the last three months. 0.26% of the stock is owned by corporate insiders.
AbbVie Company Profile
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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