Asset Management Corp IL ADV lessened its stake in shares of AbbVie Inc. (NYSE:ABBV – Get Rating) by 2.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,776 shares of the company’s stock after selling 502 shares during the period. AbbVie accounts for about 2.7% of Asset Management Corp IL ADV’s portfolio, making the stock its 7th largest position. Asset Management Corp IL ADV’s holdings in AbbVie were worth $3,470,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently modified their holdings of the stock. Moneta Group Investment Advisors LLC increased its stake in 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 purchasing an additional 29,170,366 shares in the last quarter. Norges Bank bought a new stake in AbbVie during the 4th quarter valued at $3,033,348,000. Edmp Inc. increased its stake in AbbVie by 15,607.4% during the 4th quarter. Edmp Inc. now owns 5,249,578 shares of the company’s stock valued at $32,483,000 after purchasing an additional 5,216,157 shares in the last quarter. Morgan Stanley increased its stake in 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 purchasing an additional 4,785,277 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in AbbVie by 426.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock valued at $754,155,000 after purchasing an additional 3,768,579 shares in the last quarter. Institutional investors and hedge funds own 68.27% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on ABBV. Guggenheim decreased their price target on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Morgan Stanley upped their target price on shares of AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. Barclays upped their target price on shares of AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Wells Fargo & Company reduced their target price on shares of AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Finally, StockNews.com assumed coverage on shares of AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating for the company. Eight research 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $163.40.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Rating) last announced its quarterly 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. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. The firm had revenue of $12.23 billion for the quarter, compared to the consensus estimate of $12.23 billion. During the same period in the prior year, the firm posted $3.16 earnings per share. The company’s revenue for the quarter was down 9.7% on a year-over-year basis. Research analysts predict that AbbVie Inc. will post 10.97 earnings per share for the current year.
AbbVie Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend is Thursday, July 13th. AbbVie’s payout ratio is 139.95%.
Insider Transactions at AbbVie
In other news, SVP Elaine K. Sorg sold 15,002 shares of the 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 sale, the senior vice president now directly 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 SEC, which is available at this link. 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 sale, the executive vice president now directly owns 10,377 shares of the company’s stock, valued at $1,660,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 directly owns 42,829 shares in the company, valued at $6,853,924.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,151 shares of company stock valued at $5,187,783. 0.26% of the stock is currently owned by corporate insiders.
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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