Heritage Way Advisors LLC Has $3.82 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)


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Heritage Way Advisors LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,338 shares of the company’s stock after selling 789 shares during the period. AbbVie accounts for about 1.7% of Heritage Way Advisors LLC’s investment portfolio, making the stock its 18th biggest holding. Heritage Way Advisors LLC’s holdings in AbbVie were worth $3,824,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ABBV. OLD Mission Capital LLC acquired a new stake in shares of AbbVie in the third quarter valued at approximately $242,000. Great West Life Assurance Co. Can increased its stake in shares of AbbVie by 3.0% during the third quarter. Great West Life Assurance Co. Can now owns 1,885,240 shares of the company’s stock worth $165,120,000 after purchasing an additional 55,059 shares during the period. Schonfeld Strategic Advisors LLC increased its stake in shares of AbbVie by 150.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 63,072 shares of the company’s stock worth $5,525,000 after purchasing an additional 37,867 shares during the period. Westover Capital Advisors LLC increased its stake in shares of AbbVie by 1.6% during the third quarter. Westover Capital Advisors LLC now owns 8,606 shares of the company’s stock worth $754,000 after purchasing an additional 136 shares during the period. Finally, IHT Wealth Management LLC increased its stake in shares of AbbVie by 606.8% during the third quarter. IHT Wealth Management LLC now owns 325,016 shares of the company’s stock worth $28,468,000 after purchasing an additional 279,034 shares during the period. 67.49% of the stock is owned by institutional investors.

A number of equities analysts have recently weighed in on the company. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research note on Tuesday, February 9th. SVB Leerink raised their price objective on AbbVie from $140.00 to $144.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 30th. Mizuho raised their price objective on AbbVie from $117.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, February 4th. They noted that the move was a valuation call. Royal Bank of Canada started coverage on AbbVie in a research note on Wednesday, April 7th. They set a $135.00 price objective on the stock. Finally, Morgan Stanley lowered their price objective on AbbVie from $120.00 to $116.00 and set an “overweight” rating on the stock in a research note on Thursday, January 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company. AbbVie presently has a consensus rating of “Buy” and an average target price of $115.65.

ABBV traded down $0.01 during midday trading on Thursday, hitting $110.79. 62,962 shares of the company were exchanged, compared to its average volume of 7,361,401. The firm has a market capitalization of $195.53 billion, a P/E ratio of 23.42, a P/E/G ratio of 1.54 and a beta of 0.84. AbbVie Inc. has a 1-year low of $79.11 and a 1-year high of $113.41. The firm’s 50 day moving average price is $106.83 and its 200-day moving average price is $102.39. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 5.38.

AbbVie (NYSE:ABBV) last announced its earnings results on Tuesday, February 2nd. The company reported $2.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.85 by $0.07. The firm had revenue of $13.86 billion for the quarter, compared to the consensus estimate of $13.70 billion. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The business’s quarterly revenue was up 59.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.21 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 10.48 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Shareholders of record on Thursday, April 15th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.69%. The ex-dividend date of this dividend is Wednesday, April 14th. AbbVie’s payout ratio is presently 58.17%.

In other news, CEO Richard A. Gonzalez sold 170,113 shares of the business’s stock in a transaction dated Monday, March 1st. The stock was sold at an average price of $108.61, for a total value of $18,475,972.93. Following the transaction, the chief executive officer now directly owns 450,981 shares of the company’s stock, valued at approximately $48,981,046.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Timothy J. Richmond sold 19,514 shares of the business’s stock in a transaction dated Monday, March 1st. The shares were sold at an average price of $108.59, for a total value of $2,119,025.26. Following the completion of the transaction, the executive vice president now directly owns 19,514 shares in the company, valued at $2,119,025.26. The disclosure for this sale can be found here. Insiders have sold a total of 198,067 shares of company stock worth $21,511,667 over the last ninety days. Company insiders own 0.09% of the company’s stock.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

Further Reading: What is Cost of Goods Sold (COGS)?

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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