Proficio Capital Partners LLC boosted its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 16,868.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,036,416 shares of the company’s stock after purchasing an additional 1,030,308 shares during the period. Proficio Capital Partners LLC owned about 0.06% of AbbVie worth $1,036,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of AbbVie by 1.6% during the third quarter. Vanguard Group Inc. now owns 156,022,414 shares of the company’s stock worth $20,939,769,000 after acquiring an additional 2,442,663 shares in the last quarter. State Street Corp lifted its position 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 acquiring an additional 366,695 shares in the last quarter. Morgan Stanley lifted its position 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 acquiring an additional 4,785,277 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after acquiring an additional 29,170,366 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter worth $3,033,348,000. Hedge funds and other institutional investors own 68.27% of the company’s stock.
Insider Activity at AbbVie
In related news, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $1,011,450.00. Following the transaction, the senior vice president now owns 35,330 shares in the company, valued at approximately $5,829,450. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the business’s stock in a transaction on Monday, April 17th. The shares were sold at an average price of $161.67, for a total value of $1,212,363.33. Following the sale, the senior vice president now owns 35,330 shares in the company, valued at approximately $5,711,801.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Elaine K. Sorg sold 6,130 shares of the business’s stock in a transaction dated 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 owns 35,330 shares in the company, valued at $5,829,450. The disclosure for this sale can be found here. 0.26% of the stock is owned by corporate insiders.
AbbVie Trading Up 1.1 %
AbbVie (NYSE:ABBV – Free Report) last released 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 net margin of 13.37% and a return on equity of 153.92%. The company had revenue of $12.23 billion for the quarter, compared to analysts’ expectations of $12.23 billion. During the same quarter in the previous year, the company earned $3.16 EPS. AbbVie’s revenue for the quarter was down 9.7% on a year-over-year basis. As a group, equities analysts anticipate that AbbVie Inc. will post 10.99 earnings per share for the current year.
AbbVie Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid 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 dividend payout ratio (DPR) is 139.95%.
Analyst Ratings Changes
ABBV has been the topic of several recent research reports. StockNews.com initiated coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating on the stock. Morgan Stanley upped their price target on shares of AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a report on Monday, April 10th. Argus cut AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Barclays increased their target price on AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Finally, Wells Fargo & Company reduced their target price on AbbVie from $200.00 to $195.00 in a research note on Friday, April 28th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $163.40.
About AbbVie
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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