Raymond James Financial Services Advisors Inc. Sells 155,853 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 27th, 2023

Raymond James Financial Services Advisors Inc. cut its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 12.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,058,722 shares of the company’s stock after selling 155,853 shares during the period. Raymond James Financial Services Advisors Inc. owned 0.06% of AbbVie worth $168,728,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. Retirement Income Solutions Inc acquired a new position in shares of AbbVie during the first quarter worth approximately $204,000. Ergoteles LLC raised its position in AbbVie by 17.8% in the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock valued at $909,000 after buying an additional 847 shares during the last quarter. First Western Trust Bank purchased a new stake in AbbVie in the 1st quarter valued at $1,150,000. Wsfs Capital Management LLC purchased a new stake in AbbVie in the 1st quarter valued at $562,000. Finally, Bridgewater Associates LP raised its position in AbbVie by 80.4% in the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after buying an additional 33,661 shares during the last quarter. 68.27% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was 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 owns 10,377 shares in the company, valued at approximately $1,660,320. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was 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 of the company’s stock, valued at approximately $1,660,320. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Elaine K. Sorg sold 15,002 shares of the firm’s stock in a transaction dated Monday, April 3rd. The shares were 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 approximately $6,853,924.87. 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 company insiders.

Analyst Ratings Changes

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

AbbVie Stock Down 0.7 %

ABBV stock opened at $135.01 on Tuesday. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.82 and a current ratio of 0.96. The company has a market capitalization of $238.20 billion, a price-to-earnings ratio of 31.92, a PEG ratio of 2.48 and a beta of 0.58. AbbVie Inc. has a fifty-two week low of $131.10 and a fifty-two week high of $168.11. The stock has a fifty day moving average of $144.44 and a 200-day moving average of $151.74.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be paid a $1.48 dividend. The ex-dividend date is Thursday, July 13th. This represents a $5.92 annualized dividend and a yield of 4.38%. AbbVie’s dividend payout ratio is currently 139.95%.

About AbbVie

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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.