GSB Wealth Management LLC Sells 5,150 Shares of AbbVie Inc. (NYSE:ABBV)

Posted by Defense World Staff on Sep 14th, 2023

GSB Wealth Management LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 49.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,310 shares of the company’s stock after selling 5,150 shares during the quarter. GSB Wealth Management LLC’s holdings in AbbVie were worth $846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of ABBV. Goepper Burkhardt LLC boosted its stake in shares of AbbVie by 1.9% in the 4th quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock valued at $567,000 after buying an additional 67 shares during the period. Naviter Wealth LLC lifted its stake in AbbVie by 0.9% during the first quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock worth $1,176,000 after purchasing an additional 68 shares during the last quarter. Delta Financial Group Inc. lifted its stake in AbbVie by 1.2% during the first quarter. Delta Financial Group Inc. now owns 5,757 shares of the company’s stock worth $917,000 after purchasing an additional 68 shares during the last quarter. Sand Hill Global Advisors LLC lifted its stake in AbbVie by 0.4% during the first quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock worth $2,989,000 after purchasing an additional 68 shares during the last quarter. Finally, Kistler Tiffany Companies LLC lifted its stake in AbbVie by 0.6% during the first quarter. Kistler Tiffany Companies LLC now owns 12,314 shares of the company’s stock worth $1,963,000 after purchasing an additional 70 shares during the last quarter. 67.86% of the stock is currently owned by institutional investors.

AbbVie Trading Up 1.3 %

NYSE:ABBV opened at $151.19 on Thursday. The stock’s 50 day simple moving average is $145.76 and its 200-day simple moving average is $147.52. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The firm has a market cap of $266.86 billion, a P/E ratio of 31.11, a PEG ratio of 2.70 and a beta of 0.58. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The firm had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. Equities analysts anticipate that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 121.81%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ABBV shares. Credit Suisse Group decreased their target price on AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. William Blair initiated coverage on AbbVie in a research report on Tuesday, July 25th. They set a “market perform” rating on the stock. StockNews.com initiated coverage on AbbVie in a research report on Thursday, August 17th. They set a “strong-buy” rating on the stock. Piper Sandler lifted their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Finally, HSBC initiated coverage on AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price target on the stock. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $165.79.

Get Our Latest Stock Report on ABBV

Insider Buying and Selling

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the transaction, the chief executive officer now owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

AbbVie Company 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.