Oak Ridge Investments LLC lessened its stake in AbbVie Inc. (NYSE:ABBV – Get Rating) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,532 shares of the company’s stock after selling 231 shares during the quarter. Oak Ridge Investments LLC’s holdings in AbbVie were worth $244,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of AbbVie by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 156,022,414 shares of the company’s stock valued at $20,939,769,000 after purchasing an additional 2,442,663 shares in the last quarter. State Street Corp grew its position in shares of AbbVie by 0.5% during the 3rd quarter. State Street Corp now owns 77,486,317 shares of the company’s stock valued at $10,399,439,000 after buying an additional 366,695 shares during the last quarter. Morgan Stanley grew its position in shares of AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after buying an additional 4,785,277 shares during the last quarter. Moneta Group Investment Advisors LLC grew its position in shares of AbbVie by 89,097.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after buying an additional 29,170,366 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of AbbVie during the 4th quarter valued at about $3,033,348,000. Institutional investors and hedge funds own 68.27% of the company’s stock.
Insider Activity at AbbVie
In related news, SVP Elaine K. Sorg sold 6,130 shares of the stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the completion of the sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,829,450. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $160.00, for a total value of $563,200.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Elaine K. Sorg sold 6,130 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the completion of the transaction, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at approximately $5,829,450. The disclosure for this sale can be found here. Insiders sold a total of 32,151 shares of company stock valued at $5,187,783 over the last ninety days. Insiders own 0.26% of the company’s stock.
AbbVie Trading Down 0.7 %
AbbVie (NYSE:ABBV – Get Rating) last released its earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $12.23 billion. During the same period in the prior year, the business earned $3.16 earnings per share. The business’s quarterly revenue was down 9.7% on a year-over-year basis. As a group, equities research analysts expect that AbbVie Inc. will post 10.97 EPS for the current fiscal year.
AbbVie Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 4.38%. The ex-dividend date is Thursday, July 13th. AbbVie’s dividend payout ratio is presently 139.95%.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on ABBV shares. StockNews.com started coverage on shares of AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Wells Fargo & Company lowered their price objective on shares of AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Argus cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Barclays upped their target price on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Finally, Guggenheim decreased their target price on shares of AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Eight 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 stock. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $163.40.
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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