Modern Wealth Management LLC Increases Stake in AbbVie Inc. $ABBV

by · The Markets Daily

Modern Wealth Management LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 9.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 52,808 shares of the company’s stock after purchasing an additional 4,544 shares during the period. Modern Wealth Management LLC’s holdings in AbbVie were worth $11,064,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Private Management Group Inc. increased its position in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. Silicon Valley Capital Partners grew its stake in shares of AbbVie by 10.8% during the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after purchasing an additional 56 shares in the last quarter. Connecticut Wealth Management LLC increased its holdings in AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after buying an additional 57 shares during the last quarter. Castle Wealth Management LLC raised its stake in AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after buying an additional 57 shares in the last quarter. Finally, High Falls Advisors Inc raised its stake in AbbVie by 3.2% in the first quarter. High Falls Advisors Inc now owns 1,863 shares of the company’s stock valued at $390,000 after buying an additional 57 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Trading Up 4.0%

ABBV opened at $220.09 on Friday. The firm has a market cap of $388.80 billion, a price-to-earnings ratio of 104.81, a price-to-earnings-growth ratio of 1.36 and a beta of 0.53. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $221.77. The business’s 50 day moving average is $199.67 and its two-hundred day moving average is $194.48. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.65 earnings per share. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Bank of America boosted their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Guggenheim upped their price target on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $214.95.

Get Our Latest Stock Report on AbbVie

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.

Further Reading

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