Beacon Financial Advisory LLC Increases Position in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 2nd, 2023

Beacon Financial Advisory LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 3.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,237 shares of the company’s stock after acquiring an additional 215 shares during the quarter. Beacon Financial Advisory LLC’s holdings in AbbVie were worth $1,153,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ABBV. Retirement Income Solutions Inc purchased a new stake in shares of AbbVie during the 1st quarter worth approximately $204,000. Ergoteles LLC increased its position in AbbVie by 17.8% in the first quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after buying an additional 847 shares during the last quarter. First Western Trust Bank bought a new stake in shares of AbbVie in the first quarter valued at $1,150,000. Wsfs Capital Management LLC purchased a new position in shares of AbbVie during the 1st quarter valued at $562,000. Finally, Bridgewater Associates LP grew its stake in shares of AbbVie by 80.4% during the 1st quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after acquiring an additional 33,661 shares during the period. 68.27% of the stock is currently owned by institutional investors.

Insider Activity at AbbVie

In other AbbVie news, EVP Perry C. Siatis sold 3,520 shares of the stock in a transaction that occurred on 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 directly owns 10,377 shares in the company, valued at $1,660,320. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Perry C. Siatis sold 3,520 shares of AbbVie stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $160.00, for a total value of $563,200.00. Following the transaction, the executive vice president now owns 10,377 shares in the company, valued at $1,660,320. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 owns 42,829 shares of the company’s stock, valued at $6,853,924.87. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,151 shares of company stock valued at $5,187,783. Corporate insiders own 0.26% of the company’s stock.

AbbVie Trading Up 1.1 %

Shares of AbbVie stock opened at $134.73 on Friday. The company has a 50 day simple moving average of $142.20 and a two-hundred day simple moving average of $150.95. The firm has a market cap of $237.70 billion, a PE ratio of 31.85, a PEG ratio of 2.42 and a beta of 0.58. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $168.11. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.96 and a quick ratio of 0.82.

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, topping the consensus estimate of $2.44 by $0.02. The company had revenue of $12.23 billion during the quarter, compared to analyst estimates of $12.23 billion. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. The firm’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.16 earnings per share. Analysts expect that AbbVie Inc. will post 10.99 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have commented on ABBV shares. Guggenheim dropped their price objective on shares of AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Wells Fargo & Company cut their price objective on shares of AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Morgan Stanley boosted their target price on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a report on Monday, April 10th. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Finally, Barclays boosted their price objective on AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $163.40.

AbbVie Company Profile

(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.