Strategic Wealth Partners Ltd. grew its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 12.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,219 shares of the company’s stock after purchasing an additional 1,872 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in AbbVie were worth $2,744,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in ABBV. Johnson & White Wealth Management LLC purchased a new position in shares of AbbVie during the first quarter worth about $721,000. Centaurus Financial Inc. grew its holdings in shares of AbbVie by 4.8% during the third quarter. Centaurus Financial Inc. now owns 14,439 shares of the company’s stock worth $1,938,000 after buying an additional 667 shares during the last quarter. First Citizens Financial Corp grew its holdings in shares of AbbVie by 2.3% during the fourth quarter. First Citizens Financial Corp now owns 4,505 shares of the company’s stock worth $728,000 after buying an additional 100 shares during the last quarter. Chesapeake Wealth Management grew its holdings in shares of AbbVie by 21.4% during the fourth quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock worth $2,114,000 after buying an additional 2,305 shares during the last quarter. Finally, Crescent Sterling Ltd. purchased a new position in shares of AbbVie during the fourth quarter worth about $3,486,000. Hedge funds and other institutional investors own 68.27% of the company’s stock.
Analyst Ratings Changes
ABBV has been the topic of a number of research reports. Argus lowered AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Barclays raised their price target on AbbVie from $155.00 to $160.00 in a report on Wednesday, April 12th. Guggenheim lowered their price objective on AbbVie from $172.00 to $171.00 in a report on Friday, April 28th. Morgan Stanley lifted their price objective on AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a report on Monday, April 10th. Finally, StockNews.com assumed coverage on AbbVie in a report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $163.40.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Free Report) last issued its quarterly earnings data 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. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. During the same period in the previous year, the firm posted $3.16 EPS. The company’s quarterly revenue was down 9.7% compared to the same quarter last year. As a group, equities analysts forecast that AbbVie Inc. will post 10.99 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $5.92 annualized dividend and a dividend yield of 4.37%. AbbVie’s dividend payout ratio is currently 139.95%.
Insider Buying and Selling
In other AbbVie news, SVP Elaine K. Sorg sold 6,130 shares of the business’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 transaction, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,829,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock was sold at an average price of $161.67, for a total value of $1,212,363.33. Following the completion of the transaction, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,711,801.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Elaine K. Sorg sold 6,130 shares of the company’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 sale, the senior vice president now owns 35,330 shares of the company’s stock, valued at $5,829,450. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.
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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