AbbVie Inc. (NYSE:ABBV) is Piscataqua Savings Bank’s 3rd Largest Position

Posted by Defense World Staff on Jun 27th, 2023

Piscataqua Savings Bank trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,518 shares of the company’s stock after selling 196 shares during the period. AbbVie comprises approximately 4.0% of Piscataqua Savings Bank’s portfolio, making the stock its 3rd largest position. Piscataqua Savings Bank’s holdings in AbbVie were worth $4,704,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its holdings in shares of 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 period. Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter worth about $3,033,348,000. Edmp Inc. boosted its holdings in shares of 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 period. Morgan Stanley boosted its holdings in shares of 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 period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of 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 period. 68.27% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE ABBV opened at $135.01 on Tuesday. AbbVie Inc. has a fifty-two week low of $131.10 and a fifty-two week high of $168.11. The company has a 50 day simple moving average of $144.44 and a two-hundred day simple moving average of $151.74. The company has a market capitalization of $238.20 billion, a price-to-earnings ratio of 31.92, a P/E/G ratio of 2.48 and a beta of 0.58. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.82 and a current ratio of 0.96.

AbbVie (NYSE:ABBV – Get Rating) last announced its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.02. The business had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.16 earnings per share. Analysts expect that AbbVie Inc. will post 10.97 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 4.38%. The ex-dividend date is Thursday, July 13th. AbbVie’s dividend payout ratio (DPR) is currently 139.95%.

Insider Activity at AbbVie

In related news, SVP Elaine K. Sorg sold 15,002 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of AbbVie 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 sale, the executive vice president now owns 10,377 shares of the company’s stock, valued at approximately $1,660,320. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Elaine K. Sorg sold 15,002 shares of AbbVie 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 directly owns 42,829 shares of the company’s stock, valued at approximately $6,853,924.87. The disclosure for this sale can be found here. Insiders sold 32,151 shares of company stock valued at $5,187,783 over the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a report on Monday, April 10th. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Guggenheim dropped their target price on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Wells Fargo & Company lowered their price objective on shares of AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Finally, StockNews.com started coverage on shares of AbbVie in a report on Thursday, May 18th. They issued a “strong-buy” rating for the company. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.40.

AbbVie Company Profile

(Get Rating)

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.