Connecticut Wealth Management LLC bought a new stake in AbbVie Inc. (NYSE:ABBV – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,575 shares of the company’s stock, valued at approximately $251,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Retirement Income Solutions Inc bought a new position in AbbVie in the first quarter valued at approximately $204,000. Ergoteles LLC lifted its stake in shares of AbbVie by 17.8% in the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock valued at $909,000 after purchasing an additional 847 shares during the period. First Western Trust Bank bought a new position in shares of AbbVie in the 1st quarter worth $1,150,000. Wsfs Capital Management LLC bought a new stake in AbbVie in the first quarter valued at about $562,000. Finally, Bridgewater Associates LP increased its holdings in AbbVie by 80.4% in the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after purchasing an additional 33,661 shares during the last quarter. Institutional investors own 68.27% of the company’s stock.
AbbVie Trading Up 1.1 %
NYSE ABBV opened at $134.73 on Friday. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.82 and a current ratio of 0.96. The stock’s 50 day moving average price is $142.20 and its two-hundred day moving average price is $150.95. The stock has a market capitalization of $237.70 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 2.42 and a beta of 0.58.
AbbVie Announces Dividend
The business also recently disclosed 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 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend is Thursday, July 13th. AbbVie’s payout ratio is 139.95%.
Insider Activity at AbbVie
In other AbbVie news, 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 value of $1,011,450.00. Following the completion of the transaction, the senior vice president now directly owns 35,330 shares in the company, valued at $5,829,450. The transaction was disclosed in a filing 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 dated 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 in the company, valued at approximately $1,660,320. The sale 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 business’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 value of $1,011,450.00. Following the transaction, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,829,450. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,151 shares of company stock valued at $5,187,783. 0.26% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on ABBV shares. StockNews.com began coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. 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 price target on shares of AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Guggenheim lowered their price objective on shares of AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Finally, Argus lowered AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Eight 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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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