Investors Research Corp Reduces Stake in AbbVie Inc. (NYSE:ABBV)


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Investors Research Corp reduced its position in AbbVie Inc. (NYSE:ABBV) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,076 shares of the company’s stock after selling 275 shares during the period. AbbVie makes up about 0.6% of Investors Research Corp’s investment portfolio, making the stock its 22nd biggest position. Investors Research Corp’s holdings in AbbVie were worth $1,632,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Bogart Wealth LLC raised its holdings in AbbVie by 5.8% in the 4th quarter. Bogart Wealth LLC now owns 34,991 shares of the company’s stock worth $3,749,000 after purchasing an additional 1,919 shares during the period. Nissay Asset Management Corp Japan ADV raised its holdings in AbbVie by 15.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 225,908 shares of the company’s stock worth $24,206,000 after purchasing an additional 29,528 shares during the period. J. W. Coons Advisors LLC raised its holdings in AbbVie by 42.3% in the 4th quarter. J. W. Coons Advisors LLC now owns 17,530 shares of the company’s stock worth $1,881,000 after purchasing an additional 5,214 shares during the period. GWM Advisors LLC raised its holdings in AbbVie by 5.7% in the 1st quarter. GWM Advisors LLC now owns 40,274 shares of the company’s stock worth $4,359,000 after purchasing an additional 2,157 shares during the period. Finally, Bangor Savings Bank raised its holdings in AbbVie by 21.5% in the 1st quarter. Bangor Savings Bank now owns 11,615 shares of the company’s stock worth $1,257,000 after purchasing an additional 2,053 shares during the period. Hedge funds and other institutional investors own 67.49% of the company’s stock.

ABBV traded up $0.71 on Tuesday, hitting $115.39. The company had a trading volume of 101,133 shares, compared to its average volume of 7,254,007. The company has a market cap of $203.64 billion, a PE ratio of 24.25, a PEG ratio of 1.54 and a beta of 0.84. AbbVie Inc. has a 12-month low of $79.11 and a 12-month high of $115.10. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 5.38. The business’s fifty day simple moving average is $107.82 and its 200 day simple moving average is $103.84.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, April 29th. The company reported $2.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.83 by $0.12. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The business had revenue of $13.01 billion during the quarter, compared to analyst estimates of $12.84 billion. During the same quarter in the previous year, the business earned $2.42 earnings per share. The company’s revenue for the quarter was up 50.9% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 10.48 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Shareholders of record on Thursday, April 15th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Wednesday, April 14th. This represents a $5.20 annualized dividend and a dividend yield of 4.51%. AbbVie’s dividend payout ratio (DPR) is presently 58.17%.

In other news, EVP Timothy J. Richmond sold 19,514 shares of AbbVie stock in a transaction that occurred on Monday, March 1st. The shares were sold at an average price of $108.59, for a total transaction of $2,119,025.26. Following the completion of the sale, the executive vice president now owns 19,514 shares of the company’s stock, valued at $2,119,025.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Elaine K. Sorg sold 8,440 shares of AbbVie stock in a transaction that occurred on Monday, March 1st. The shares were sold at an average price of $108.61, for a total transaction of $916,668.40. Following the sale, the senior vice president now directly owns 26,035 shares of the company’s stock, valued at approximately $2,827,661.35. The disclosure for this sale can be found here. Insiders have sold 198,067 shares of company stock valued at $21,511,667 in the last 90 days. Company insiders own 0.09% of the company’s stock.

A number of equities research analysts have commented on ABBV shares. BMO Capital Markets raised their price target on AbbVie from $127.00 to $129.00 and gave the company an “outperform” rating in a report on Monday. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $114.00 price target on the stock in a report on Tuesday, February 9th. Royal Bank of Canada started coverage on AbbVie in a report on Wednesday, April 7th. They set a $135.00 price target on the stock. Piper Sandler raised their price target on AbbVie from $120.00 to $124.00 and gave the company an “overweight” rating in a report on Friday. Finally, Mizuho lifted their target price on AbbVie from $126.00 to $128.00 and gave the stock a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $116.94.

AbbVie Company 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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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