Arthur M. Cohen & Associates LLC Has $1.37 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 9th, 2023

Arthur M. Cohen & Associates LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 13.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,617 shares of the company’s stock after purchasing an additional 1,005 shares during the period. Arthur M. Cohen & Associates LLC’s holdings in AbbVie were worth $1,373,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Goepper Burkhardt LLC lifted its stake in AbbVie by 1.9% in the fourth quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock worth $567,000 after acquiring an additional 67 shares during the period. Naviter Wealth LLC lifted its position in AbbVie by 0.9% during the first quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock valued at $1,176,000 after buying an additional 68 shares during the period. Sax Wealth Advisors LLC lifted its position in AbbVie by 0.9% during the fourth quarter. Sax Wealth Advisors LLC now owns 7,633 shares of the company’s stock valued at $1,233,000 after buying an additional 70 shares during the period. 1900 Wealth Management LLC lifted its position in AbbVie by 2.8% during the fourth quarter. 1900 Wealth Management LLC now owns 2,631 shares of the company’s stock valued at $425,000 after buying an additional 71 shares during the period. Finally, Headinvest LLC lifted its position in AbbVie by 0.5% during the third quarter. Headinvest LLC now owns 14,412 shares of the company’s stock valued at $1,934,000 after buying an additional 73 shares during the period. Institutional investors and hedge funds own 68.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wells Fargo & Company lowered their price objective on AbbVie from $200.00 to $195.00 in a research report on Friday, April 28th. StockNews.com began coverage on AbbVie in a research report on Thursday, May 18th. They issued a “strong-buy” rating for the company. 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. Guggenheim lowered their price target on AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Finally, Argus lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $163.40.

AbbVie Trading Down 1.3 %

AbbVie stock opened at $135.50 on Friday. The business has a 50-day simple moving average of $140.00 and a two-hundred day simple moving average of $150.05. The company has a market cap of $239.06 billion, a P/E ratio of 32.03, a P/E/G ratio of 2.50 and a beta of 0.56. AbbVie Inc. has a 52-week low of $130.96 and a 52-week 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.

AbbVie (NYSE:ABBV – Free Report) last released its quarterly earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.02. The business had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The business’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.16 EPS. Analysts predict that AbbVie Inc. will post 10.99 EPS for the current 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 paid a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.37%. AbbVie’s dividend payout ratio (DPR) is presently 139.95%.

Insider Activity at AbbVie

In related news, SVP Elaine K. Sorg sold 6,130 shares of the business’s 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 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 filing with the SEC, which is available at this hyperlink. In related news, SVP Elaine K. Sorg sold 7,499 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $161.67, for a total transaction 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 filing with the SEC, which is available at this hyperlink. Also, SVP Elaine K. Sorg sold 6,130 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $165.00, for a total value of $1,011,450.00. Following the transaction, 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. 0.26% of the stock is currently owned by corporate insiders.

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.