Groesbeck Investment Management Corp NJ Has $1.45 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Posted by Shane Hupp on Apr 18th, 2024

Groesbeck Investment Management Corp NJ cut its position in AbbVie Inc. (NYSE:ABBV – cheapdesignerhandbagsforyou.com
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RegistrationCode=TickerHyperlink&Prefix=NYSE&Symbol=ABBV”>Free Report) by 21.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,363 shares of the company’s stock after selling 2,600 shares during the quarter. AbbVie makes up about 2.0% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 14th biggest position. Groesbeck Investment Management Corp NJ’s holdings in AbbVie were worth $1,451,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. Aspen Wealth Strategies LLC lifted its holdings in shares of AbbVie by 0.5% during the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock worth $1,776,000 after acquiring an additional 61 shares during the period. Avion Wealth lifted its holdings in shares of AbbVie by 11.9% during the 4th quarter. Avion Wealth now owns 612 shares of the company’s stock worth $95,000 after acquiring an additional 65 shares during the period. Goepper Burkhardt LLC lifted its holdings in shares of AbbVie by 1.9% during the 4th quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock worth $567,000 after acquiring an additional 67 shares during the period. First Bank & Trust lifted its holdings in AbbVie by 0.4% during the 4th quarter. First Bank & Trust now owns 18,125 shares of the company’s stock valued at $2,809,000 after purchasing an additional 68 shares during the last quarter. Finally, Hudock Inc. lifted its holdings in AbbVie by 2.5% during the 4th quarter. Hudock Inc. now owns 2,801 shares of the company’s stock valued at $434,000 after purchasing an additional 68 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Up 1.0 %

Shares of NYSE:ABBV traded up $1.58 during trading on Thursday, hitting $165.83. 1,825,532 shares of the company’s stock were exchanged, compared to its average volume of 5,600,526. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The firm has a 50-day moving average price of $175.79 and a two-hundred day moving average price of $159.94. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The firm has a market cap of $293.63 billion, a P/E ratio of 60.89, a PEG ratio of 2.09 and a beta of 0.58.

AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the previous year, the company earned $3.60 EPS. AbbVie’s revenue was down 5.4% on a year-over-year basis. Equities analysts predict that AbbVie Inc. will post 11.17 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is 227.11%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ABBV. Barclays lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. BMO Capital Markets lifted their price target on shares of AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Truist Financial lifted their price target on shares of AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Raymond James raised their price objective on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Finally, William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $177.43.

View Our Latest Stock Report on ABBV

Insider Activity at AbbVie

In related news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is currently owned by company insiders.

AbbVie Profile

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.