Advocate Group LLC Has $11.99 Million Position in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 3rd, 2023

Advocate Group LLC trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 3.8% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 75,244 shares of the company’s stock after selling 3,007 shares during the quarter. AbbVie comprises about 2.6% of Advocate Group LLC’s portfolio, making the stock its 3rd biggest holding. Advocate Group LLC’s holdings in AbbVie were worth $11,992,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of AbbVie by 1.6% in the third quarter. Vanguard Group Inc. now owns 156,022,414 shares of the company’s stock valued at $20,939,769,000 after buying an additional 2,442,663 shares during the period. State Street Corp increased its stake in shares of AbbVie by 0.5% in the third quarter. State Street Corp now owns 77,486,317 shares of the company’s stock valued at $10,399,439,000 after buying an additional 366,695 shares during the period. Morgan Stanley increased its stake in shares of AbbVie by 17.9% in the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after buying an additional 4,785,277 shares during the period. Moneta Group Investment Advisors LLC increased its stake in shares of AbbVie by 89,097.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after buying an additional 29,170,366 shares during the period. Finally, Norges Bank acquired a new stake in shares of AbbVie in the fourth quarter valued at about $3,033,348,000. 68.27% of the stock is currently owned by institutional investors.

AbbVie Stock Up 1.1 %

ABBV stock opened at $134.73 on Monday. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11. 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 stock’s 50 day moving average is $142.20 and its 200-day moving average is $150.86. The firm has a market capitalization of $237.70 billion, a PE ratio of 31.85, a P/E/G ratio of 2.42 and a beta of 0.58.

AbbVie (NYSE:ABBV – Free Report) last posted its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The company had revenue of $12.23 billion for the quarter, compared to analyst estimates of $12.23 billion. During the same quarter last year, the company earned $3.16 earnings per share. The company’s revenue for the quarter was down 9.7% on a year-over-year basis. Sell-side analysts expect that AbbVie Inc. will post 10.99 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be given 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 payout ratio is 139.95%.

Insider Activity at AbbVie

In related news, SVP Elaine K. Sorg sold 6,130 shares of the stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the completion of the sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,829,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the firm’s stock in a transaction on Monday, April 17th. The stock was sold at an average price of $161.67, for a total value of $1,212,363.33. Following the completion of the sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,711,801.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Elaine K. Sorg sold 6,130 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,829,450. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ABBV shares. Guggenheim decreased their target price on AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. StockNews.com started coverage on AbbVie in a research note on Thursday, May 18th. They set a “strong-buy” rating for the company. Wells Fargo & Company decreased their target price on AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Argus cut AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Finally, Morgan Stanley raised their target price on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research note on Monday, April 10th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $163.40.

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.