Legacy Trust Purchases 210 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 3rd, 2023

Legacy Trust boosted its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,574 shares of the company’s stock after acquiring an additional 210 shares during the quarter. Legacy Trust’s holdings in AbbVie were worth $570,000 at the end of the most recent reporting period.

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

AbbVie Stock Performance

Shares of ABBV opened at $134.73 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.82 and a debt-to-equity ratio of 4.46. The firm’s fifty day simple moving average is $142.20 and its two-hundred day simple moving average is $150.86. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11. The stock has a market capitalization of $237.70 billion, a P/E ratio of 31.85, a price-to-earnings-growth ratio of 2.42 and a beta of 0.58.

AbbVie (NYSE:ABBV – Free Report) last announced its earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, beating the consensus estimate 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 in the prior year, the company earned $3.16 EPS. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. As a group, analysts predict that AbbVie Inc. will post 10.99 EPS for the current year.

AbbVie Dividend Announcement

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 given a dividend of $1.48 per share. 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 dividend payout ratio (DPR) is 139.95%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays upped their target price on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Morgan Stanley raised their price objective 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 cut their target price on shares of AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Wells Fargo & Company decreased their price target on shares of AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. Finally, Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Eight equities research 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. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.40.

Insider Activity

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

AbbVie 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.