Hanson & Doremus Investment Management lessened its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 6.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,111 shares of the company’s stock after selling 590 shares during the period. Hanson & Doremus Investment Management’s holdings in AbbVie were worth $1,293,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Red Tortoise LLC purchased a new position in shares of AbbVie during the 4th quarter worth $27,000. Boulder Wealth Advisors LLC purchased a new position in AbbVie during the fourth quarter worth about $31,000. My Personal CFO LLC purchased a new stake in AbbVie in the 4th quarter valued at about $32,000. Align Wealth Management LLC purchased a new position in shares of AbbVie during the 4th quarter worth about $27,000. Finally, Oliver Lagore Vanvalin Investment Group boosted its position in shares of AbbVie by 85.3% in the third 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 last quarter. 68.27% of the stock is currently owned by institutional investors and hedge funds.
AbbVie Price Performance
Shares of ABBV opened at $134.73 on Friday. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.96 and a quick ratio of 0.82. The company has a market cap of $237.70 billion, a P/E ratio of 31.85, a PEG ratio of 2.42 and a beta of 0.58. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11. The stock has a fifty day moving average price of $142.20 and a 200 day moving average price of $150.95.
AbbVie Dividend Announcement
The firm 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 dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend is Thursday, July 13th. AbbVie’s dividend payout ratio (DPR) is 139.95%.
Insider Activity at AbbVie
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 shares were sold at an average price of $160.00, for a total transaction of $563,200.00. Following 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 filing with the SEC, which can be accessed through this link. In other news, EVP Perry C. Siatis sold 3,520 shares of the company’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 sale, the executive vice president now directly owns 10,377 shares of the company’s stock, valued at approximately $1,660,320. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Elaine K. Sorg sold 15,002 shares of the business’s stock in a transaction that occurred 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 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 have sold a total of 32,151 shares of company stock worth $5,187,783 over the last ninety days. 0.26% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages have weighed in on ABBV. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. StockNews.com initiated coverage on AbbVie in a research note on Thursday, May 18th. They set a “strong-buy” rating on the stock. Morgan Stanley raised their price target on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a report on Monday, April 10th. Guggenheim dropped their price objective on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Finally, Barclays increased their price target on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $163.40.
About AbbVie
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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