Brookstone Capital Management Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 2nd, 2023

Brookstone Capital Management lifted its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 8.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,516 shares of the company’s stock after purchasing an additional 6,908 shares during the quarter. Brookstone Capital Management’s holdings in AbbVie were worth $14,267,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Goepper Burkhardt LLC boosted its stake in AbbVie by 1.9% during the fourth quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock valued at $567,000 after buying an additional 67 shares during the last quarter. Naviter Wealth LLC raised its position in AbbVie by 0.9% during the first quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock valued at $1,176,000 after purchasing an additional 68 shares during the period. Sax Wealth Advisors LLC raised its position in AbbVie by 0.9% during the fourth quarter. Sax Wealth Advisors LLC now owns 7,633 shares of the company’s stock valued at $1,233,000 after purchasing an additional 70 shares during the period. 1900 Wealth Management LLC raised its position in AbbVie by 2.8% during the fourth quarter. 1900 Wealth Management LLC now owns 2,631 shares of the company’s stock valued at $425,000 after purchasing an additional 71 shares during the period. Finally, Syntal Capital Partners LLC raised its position in AbbVie by 0.9% during the third quarter. Syntal Capital Partners LLC now owns 7,811 shares of the company’s stock valued at $1,048,000 after purchasing an additional 72 shares during the period. Hedge funds and other institutional investors own 68.27% of the company’s stock.

AbbVie Trading Up 1.1 %

ABBV opened at $134.73 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46. The company has a market capitalization of $237.70 billion, a P/E ratio of 31.85, a PEG ratio of 2.42 and a beta of 0.58. The stock’s fifty day moving average is $142.20 and its two-hundred day moving average is $150.95. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $168.11.

AbbVie (NYSE:ABBV – Free Report) last announced its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.02. The business had revenue of $12.23 billion for 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%. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.16 EPS. Analysts forecast that AbbVie Inc. will post 10.99 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $5.92 annualized dividend and a yield of 4.39%. AbbVie’s dividend payout ratio (DPR) is presently 139.95%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wells Fargo & Company decreased their price objective on AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Morgan Stanley upped their price objective on AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research report on Monday, April 10th. StockNews.com began coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating on the stock. Finally, Guggenheim reduced their price target on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Eight investment 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. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.40.

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Elaine K. Sorg sold 15,002 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $160.03, for a total transaction of $2,400,770.06. Following the sale, the senior vice president now owns 42,829 shares of the company’s stock, valued at approximately $6,853,924.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Perry C. Siatis sold 3,520 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was 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 owns 10,377 shares of the company’s stock, valued at approximately $1,660,320. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the senior vice president now directly owns 42,829 shares of the company’s stock, valued at approximately $6,853,924.87. The disclosure for this sale can be found here. In the last 90 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.

About AbbVie

(Free Report)

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.