FSM Wealth Advisors LLC Has $776,000 Stake in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 10th, 2023

FSM Wealth Advisors LLC cut its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 15.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,869 shares of the company’s stock after selling 857 shares during the period. FSM Wealth Advisors LLC’s holdings in AbbVie were worth $776,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Moneta Group Investment Advisors LLC boosted its position in AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares during the last quarter. Norges Bank acquired a new position in AbbVie during the fourth quarter worth $3,033,348,000. Edmp Inc. lifted its stake in AbbVie by 15,607.4% in the fourth quarter. Edmp Inc. now owns 5,249,578 shares of the company’s stock valued at $32,483,000 after acquiring an additional 5,216,157 shares during the last quarter. Morgan Stanley increased its stake in shares of AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after purchasing an additional 4,785,277 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock valued at $754,155,000 after purchasing an additional 3,768,579 shares during the period. Institutional investors and hedge funds own 68.27% of the company’s stock.

AbbVie Price Performance

Shares of ABBV opened at $135.50 on Monday. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11. The company has a market capitalization of $239.06 billion, a P/E ratio of 32.03, a price-to-earnings-growth ratio of 2.47 and a beta of 0.56. The firm has a 50 day moving average of $140.00 and a 200 day moving average of $149.96. 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 posted its earnings results on Thursday, April 27th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.44 by $0.02. AbbVie had a net margin of 13.37% and a return on equity of 153.92%. The business had revenue of $12.23 billion for the quarter, compared to analysts’ expectations of $12.23 billion. During the same quarter in the prior year, the business earned $3.16 EPS. The business’s revenue for the quarter was down 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 10.92 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued 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 yield of 4.37%. AbbVie’s dividend payout ratio is currently 139.95%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ABBV shares. Barclays upped their price target on shares of AbbVie from $155.00 to $160.00 in a research note on Wednesday, April 12th. Wells Fargo & Company lowered their price target on AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. StockNews.com initiated coverage on AbbVie in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. 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. Finally, Argus cut AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, April 5th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average price target of $163.40.

Insider Activity at AbbVie

In related news, SVP Elaine K. Sorg sold 6,130 shares of the 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 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 transaction 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 6,130 shares of the company’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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 owns 35,330 shares in the company, valued at approximately $5,711,801.10. The disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.

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.