D.A. Davidson & CO. Has $41.25 Million Position in AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Jul 11th, 2023

D.A. Davidson & CO. trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 11.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,970 shares of the company’s stock after selling 33,381 shares during the quarter. D.A. Davidson & CO.’s holdings in AbbVie were worth $41,249,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Goepper Burkhardt LLC grew its stake in AbbVie by 1.9% in the fourth quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock valued at $567,000 after acquiring an additional 67 shares during the period. Naviter Wealth LLC lifted its holdings in shares of AbbVie by 0.9% in the 1st quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock worth $1,176,000 after purchasing an additional 68 shares in the last quarter. Sax Wealth Advisors LLC grew its position in AbbVie by 0.9% in the 4th quarter. Sax Wealth Advisors LLC now owns 7,633 shares of the company’s stock valued at $1,233,000 after purchasing an additional 70 shares during the period. 1900 Wealth Management LLC increased its stake in AbbVie by 2.8% during the 4th quarter. 1900 Wealth Management LLC now owns 2,631 shares of the company’s stock valued at $425,000 after purchasing an additional 71 shares in the last quarter. Finally, Headinvest LLC raised its holdings in AbbVie by 0.5% during the third quarter. Headinvest LLC now owns 14,412 shares of the company’s stock worth $1,934,000 after buying an additional 73 shares during the last quarter. Institutional investors own 68.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Wells Fargo & Company lowered their target price on shares of AbbVie from $200.00 to $195.00 in a report on Friday, April 28th. Morgan Stanley increased their price target on 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 target price on shares of AbbVie from $172.00 to $171.00 in a research note on Friday, April 28th. Argus lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, April 5th. Finally, Barclays upped their price objective on shares of AbbVie from $155.00 to $160.00 in a research report on Wednesday, April 12th. Eight investment 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $163.40.

AbbVie Stock Performance

NYSE ABBV opened at $134.49 on Tuesday. The company’s 50 day moving average is $139.61 and its 200-day moving average is $149.76. The firm has a market cap of $237.28 billion, a P/E ratio of 31.79, a price-to-earnings-growth ratio of 2.48 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 quick ratio of 0.82, a current ratio of 0.96 and a debt-to-equity ratio of 4.46.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Thursday, April 27th. The company reported $2.46 EPS for the quarter, topping analysts’ consensus estimates of $2.44 by $0.02. AbbVie had a return on equity of 153.92% and a net margin of 13.37%. The firm had revenue of $12.23 billion during the quarter, compared to analyst estimates of $12.23 billion. During the same period last year, the company earned $3.16 earnings per share. The business’s revenue for the quarter was down 9.7% on a year-over-year basis. Sell-side analysts predict that AbbVie Inc. will post 10.92 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be issued a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Thursday, July 13th. AbbVie’s payout ratio is 139.95%.

Insider Activity

In other AbbVie 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 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 Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Elaine K. Sorg sold 7,499 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 35,330 shares of the company’s stock, valued at $5,711,801.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 of the company’s stock, valued at approximately $5,829,450. 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.