TKG Advisors LLC purchased a new position in AbbVie Inc. (NYSE:ABBV – Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,202 shares of the company’s stock, valued at approximately $670,000.
Several other institutional investors have also recently made changes to their positions in ABBV. Johnson & White Wealth Management LLC purchased a new position in shares of AbbVie in the first quarter worth $721,000. Centaurus Financial Inc. increased its holdings in AbbVie by 4.8% in the 3rd quarter. Centaurus Financial Inc. now owns 14,439 shares of the company’s stock valued at $1,938,000 after acquiring an additional 667 shares during the last quarter. First Citizens Financial Corp lifted its stake in AbbVie by 2.3% in the 4th quarter. First Citizens Financial Corp now owns 4,505 shares of the company’s stock worth $728,000 after purchasing an additional 100 shares in the last quarter. Chesapeake Wealth Management grew its position in shares of AbbVie by 21.4% during the fourth quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock valued at $2,114,000 after purchasing an additional 2,305 shares in the last quarter. Finally, Crescent Sterling Ltd. bought a new stake in shares of AbbVie in the fourth quarter worth about $3,486,000. Institutional investors own 68.27% of the company’s stock.
Insider Activity
In related news, SVP Elaine K. Sorg sold 7,499 shares of the company’s stock in a transaction dated 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 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 legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Elaine K. Sorg sold 7,499 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 35,330 shares of the company’s stock, valued at approximately $5,711,801.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Elaine K. Sorg sold 6,130 shares of AbbVie stock in a transaction that occurred 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 directly owns 35,330 shares in the company, valued at $5,829,450. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.
AbbVie Stock Up 1.1 %
AbbVie (NYSE:ABBV – Free Report) last issued its earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. The business had revenue of $12.23 billion for 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 company’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period last year, the company posted $3.16 earnings per share. Equities research analysts expect that AbbVie Inc. will post 10.99 earnings per share for the current year.
AbbVie Dividend Announcement
The company also recently declared 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 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date is Thursday, July 13th. AbbVie’s payout ratio is 139.95%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Barclays raised their price target on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Argus cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Guggenheim lowered their price objective on shares of AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. StockNews.com assumed coverage on shares of AbbVie in a report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Finally, Morgan Stanley lifted their price target on AbbVie from $178.00 to $181.00 and gave the stock an “overweight” rating in a research report on Monday, April 10th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus 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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