Essex Savings Bank raised its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,736 shares of the company’s stock after acquiring an additional 177 shares during the quarter. AbbVie makes up about 0.7% of Essex Savings Bank’s investment portfolio, making the stock its 29th largest holding. Essex Savings Bank’s holdings in AbbVie were worth $2,030,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Red Tortoise LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $27,000. Boulder Wealth Advisors LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $31,000. My Personal CFO LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $32,000. Align Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $27,000. Finally, VitalStone Financial LLC bought a new position in shares of AbbVie in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 68.27% of the company’s stock.
AbbVie Trading Down 1.3 %
Shares of AbbVie stock opened at $135.50 on Monday. The company has a market capitalization of $239.06 billion, a price-to-earnings ratio of 32.03, a PEG ratio of 2.47 and a beta of 0.56. 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 Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The firm’s 50-day moving average price is $140.00 and its two-hundred day moving average price is $149.96.
AbbVie Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $1.48 dividend. 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 payout ratio is currently 139.95%.
Insider Activity
In other news, SVP Elaine K. Sorg sold 6,130 shares of the firm’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 sale, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,829,450. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Elaine K. Sorg sold 7,499 shares of AbbVie stock in a transaction that occurred 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 sale, the senior vice president now directly owns 35,330 shares in the company, valued at approximately $5,711,801.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Elaine K. Sorg sold 6,130 shares of AbbVie 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 sale, the senior vice president now owns 35,330 shares in the company, 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.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on ABBV shares. 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 report on Monday, April 10th. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. StockNews.com assumed coverage on shares of AbbVie in a research report on Thursday, May 18th. They set a “strong-buy” rating on the stock. Barclays raised their price target on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Finally, Guggenheim lowered their price target on shares of AbbVie from $172.00 to $171.00 in a research report on Friday, April 28th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price 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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