Verdence Capital Advisors LLC Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 10th, 2023

Verdence Capital Advisors LLC lowered its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 23.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,663 shares of the company’s stock after selling 5,963 shares during the period. Verdence Capital Advisors LLC’s holdings in AbbVie were worth $3,134,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Align Wealth Management LLC acquired a new stake in AbbVie in the fourth quarter valued at about $27,000. Red Tortoise LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at approximately $27,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at approximately $31,000. My Personal CFO LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at approximately $32,000. Finally, VitalStone Financial LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 68.27% of the company’s stock.

Insider Activity

In related news, SVP Elaine K. Sorg sold 6,130 shares of the company’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 sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at approximately $5,829,450. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Elaine K. Sorg sold 7,499 shares of the company’s stock in a transaction on Monday, April 17th. The shares were sold at an average price of $161.67, for a total transaction 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 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 company’s stock in a transaction 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 sale, 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. Corporate insiders own 0.26% of the company’s stock.

AbbVie Stock Down 1.3 %

ABBV stock opened at $135.50 on Monday. The stock has a market capitalization of $239.06 billion, a P/E ratio of 32.03, a PEG ratio of 2.47 and a beta of 0.56. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.82 and a current ratio of 0.96. AbbVie Inc. has a one year low of $130.96 and a one year high of $168.11. The company has a 50 day moving average price of $140.00 and a two-hundred day moving average price of $149.96.

AbbVie (NYSE:ABBV – Free Report) last released its earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.44 by $0.02. The firm had revenue of $12.23 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the company earned $3.16 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 10.92 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders 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 annualized dividend and a dividend yield of 4.37%. AbbVie’s dividend payout ratio is presently 139.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley lifted their price target on shares of AbbVie from $178.00 to $181.00 and gave the company an “overweight” rating in a research report on Monday, April 10th. Guggenheim reduced their price target on shares of AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Barclays lifted their price target on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Argus downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Finally, StockNews.com started coverage on AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating for the company. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.40.

AbbVie Profile

(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.