Wealth Management Partners LLC Has $895,000 Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jun 27th, 2023

Wealth Management Partners LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 12.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,618 shares of the company’s stock after acquiring an additional 618 shares during the period. Wealth Management Partners LLC’s holdings in AbbVie were worth $895,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Red Tortoise LLC bought a new stake in shares of AbbVie during the 4th quarter worth about $27,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie in the fourth quarter worth $31,000. My Personal CFO LLC bought a new stake in shares of AbbVie during the 4th quarter worth $32,000. Align Wealth Management LLC acquired a new position in AbbVie in the 4th quarter valued at $27,000. Finally, Oliver Lagore Vanvalin Investment Group raised its holdings in AbbVie by 85.3% in the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock worth $27,000 after acquiring an additional 93 shares during the period. 68.27% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $135.01 on Tuesday. The firm has a market capitalization of $238.20 billion, a PE ratio of 31.92, a price-to-earnings-growth ratio of 2.48 and a beta of 0.58. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. AbbVie Inc. has a 12-month low of $131.10 and a 12-month high of $168.11. The firm has a 50-day moving average price of $144.44 and a 200 day moving average price of $151.74.

AbbVie (NYSE:ABBV – Get Rating) last issued its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. The business had revenue of $12.23 billion during 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%. AbbVie’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.16 EPS. Research analysts anticipate that AbbVie Inc. will post 10.97 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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 issued 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 currently 139.95%.

Insider Buying and Selling at AbbVie

In other news, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 35,330 shares in the company, valued at $5,829,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Elaine K. Sorg sold 6,130 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 35,330 shares in the company, valued at $5,829,450. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Elaine K. Sorg sold 7,499 shares of AbbVie stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $161.67, for a total value of $1,212,363.33. Following the completion of the transaction, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,711,801.10. The disclosure for this sale can be found here. Insiders have sold a total of 32,151 shares of company stock worth $5,187,783 over the last ninety days. Corporate insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of recent analyst reports. Guggenheim decreased their price target on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. StockNews.com initiated coverage on AbbVie in a research report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Wells Fargo & Company reduced their price objective on AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Finally, Morgan Stanley upped their target price on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research note on Monday, April 10th. Eight equities research 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. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $163.40.

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.