Exchange Traded Concepts LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,147 shares of the company’s stock after selling 666 shares during the quarter. Exchange Traded Concepts LLC’s holdings in AbbVie were worth $9,431,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Selective Wealth Management Inc. raised its holdings in shares of AbbVie by 16.3% during the 4th quarter. Selective Wealth Management Inc. now owns 672 shares of the company’s stock worth $72,000 after acquiring an additional 94 shares in the last quarter. Nachman Norwood & Parrott Inc raised its holdings in shares of AbbVie by 0.3% during the 1st quarter. Nachman Norwood & Parrott Inc now owns 27,623 shares of the company’s stock worth $2,989,000 after acquiring an additional 96 shares in the last quarter. Laurel Wealth Advisors Inc. increased its position in shares of AbbVie by 0.5% during the 4th quarter. Laurel Wealth Advisors Inc. now owns 18,259 shares of the company’s stock valued at $1,957,000 after purchasing an additional 97 shares during the last quarter. Aurora Investment Counsel increased its position in shares of AbbVie by 1.0% during the 3rd quarter. Aurora Investment Counsel now owns 9,483 shares of the company’s stock valued at $941,000 after purchasing an additional 98 shares during the last quarter. Finally, Kalos Management Inc. increased its position in shares of AbbVie by 3.1% during the 4th quarter. Kalos Management Inc. now owns 3,247 shares of the company’s stock valued at $344,000 after purchasing an additional 98 shares during the last quarter. Hedge funds and other institutional investors own 67.49% of the company’s stock.
Shares of ABBV stock opened at $110.80 on Thursday. AbbVie Inc. has a twelve month low of $79.11 and a twelve month high of $113.41. The stock has a market capitalization of $195.54 billion, a price-to-earnings ratio of 23.42, a P/E/G ratio of 1.54 and a beta of 0.84. The stock has a fifty day simple moving average of $106.83 and a two-hundred day simple moving average of $102.39. The company has a current ratio of 0.95, a quick ratio of 0.81 and a debt-to-equity ratio of 5.38.
The company 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 $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.69%. The ex-dividend date is Wednesday, April 14th. AbbVie’s dividend payout ratio is 58.17%.
In related news, EVP Timothy J. Richmond sold 19,514 shares of the company’s stock in a transaction on Monday, March 1st. The stock was 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 directly owns 19,514 shares in the company, valued at approximately $2,119,025.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Elaine K. Sorg sold 8,440 shares of the company’s stock in a transaction on Monday, March 1st. The stock was sold at an average price of $108.61, for a total value of $916,668.40. Following the sale, the senior vice president now owns 26,035 shares of the company’s stock, valued at $2,827,661.35. The disclosure for this sale can be found here. Insiders sold a total of 198,067 shares of company stock valued at $21,511,667 over the last quarter. Company insiders own 0.09% of the company’s stock.
ABBV has been the topic of several analyst reports. Mizuho boosted their target price on AbbVie from $117.00 to $126.00 and gave the company a “buy” rating in a research report on Thursday, February 4th. They noted that the move was a valuation call. Royal Bank of Canada initiated coverage on AbbVie in a research report on Wednesday, April 7th. They set a $135.00 target price on the stock. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research report on Tuesday, February 9th. SVB Leerink boosted their target price on AbbVie from $140.00 to $144.00 and gave the company an “outperform” rating in a research report on Tuesday, March 30th. Finally, Morgan Stanley cut their target price on AbbVie from $120.00 to $116.00 and set an “overweight” rating on the stock in a research report on Thursday, January 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $115.65.
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 BehÃ§et'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, waldenstrÃ¶m'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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