Strategic Wealth Investment Group LLC Buys 188 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 9th, 2023

Strategic Wealth Investment Group LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 5.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,612 shares of the company’s stock after purchasing an additional 188 shares during the quarter. Strategic Wealth Investment Group LLC’s holdings in AbbVie were worth $576,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of AbbVie by 85.3% in the 3rd quarter. Oliver Lagore Vanvalin Investment Group now owns 202 shares of the company’s stock worth $27,000 after acquiring an additional 93 shares during the last quarter. Align Wealth Management LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $27,000. Red Tortoise LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $27,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $31,000. Finally, My Personal CFO LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $32,000. Institutional investors own 68.27% of the company’s stock.

AbbVie Stock Down 1.3 %

ABBV opened at $135.50 on Friday. The company has a 50 day moving average of $140.00 and a 200 day moving average of $150.05. The company has a market cap of $239.06 billion, a PE ratio of 32.03, a price-to-earnings-growth ratio of 2.50 and a beta of 0.56. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11. The company has a current ratio of 0.96, a quick ratio of 0.82 and a debt-to-equity ratio of 4.46.

AbbVie (NYSE:ABBV – Free Report) last released its quarterly earnings data on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.44 by $0.02. The company had revenue of $12.23 billion during the quarter, compared to the consensus estimate of $12.23 billion. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. AbbVie’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period last year, the firm earned $3.16 EPS. On average, sell-side analysts expect that AbbVie Inc. will post 10.99 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 4.37%. The ex-dividend date is Thursday, July 13th. AbbVie’s payout ratio is 139.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ABBV shares. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, April 5th. Morgan Stanley increased their price objective on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research note on Monday, April 10th. StockNews.com started coverage on shares of AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating for the company. Barclays increased their price objective on shares of AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Finally, Guggenheim decreased their price objective on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Eight 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 stock. According to data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $163.40.

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at approximately $5,711,801.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other AbbVie news, SVP Elaine K. Sorg sold 7,499 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at approximately $5,711,801.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Elaine K. Sorg sold 6,130 shares of the firm’s 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 completion of the transaction, the senior vice president now directly 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

(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.