Signature Wealth Management Group decreased its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 1.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 28,476 shares of the company’s stock after selling 333 shares during the period. AbbVie accounts for about 2.2% of Signature Wealth Management Group’s holdings, making the stock its 10th largest position. Signature Wealth Management Group’s holdings in AbbVie were worth $4,538,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Red Tortoise LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $27,000. Boulder Wealth Advisors LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $31,000. My Personal CFO LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $32,000. Align Wealth Management LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $27,000. Finally, Oliver Lagore Vanvalin Investment Group lifted its position in shares of 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. Institutional investors and hedge funds own 68.27% of the company’s stock.
Insider Activity
In other news, SVP Elaine K. Sorg sold 6,130 shares of AbbVie 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 of the company’s stock, valued at approximately $5,829,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Elaine K. Sorg sold 15,002 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now directly owns 42,829 shares in the company, valued at approximately $6,853,924.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the senior vice president now owns 35,330 shares in the company, valued at $5,829,450. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,151 shares of company stock valued at $5,187,783. Company insiders own 0.26% of the company’s stock.
AbbVie Trading Down 1.7 %
AbbVie (NYSE:ABBV – Get Rating) last released its quarterly 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. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm had revenue of $12.23 billion during the quarter, compared to analysts’ expectations of $12.23 billion. During the same period last year, the firm posted $3.16 EPS. The business’s revenue was down 9.7% on a year-over-year basis. Analysts expect that AbbVie Inc. will post 10.97 EPS for the current fiscal year.
AbbVie Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid 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 4.46%. AbbVie’s dividend payout ratio (DPR) is currently 139.95%.
Analyst Ratings Changes
ABBV has been the subject of a number of research reports. StockNews.com initiated coverage on AbbVie in a research report on Thursday, May 18th. They issued a “strong-buy” rating for the company. Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Barclays raised their price objective on AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Guggenheim reduced their price objective on AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Finally, Morgan Stanley raised their price objective on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research report on Monday, April 10th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $163.40.
AbbVie 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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