Meeder Asset Management Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 613.9% 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 124,541 shares of the company’s stock after acquiring an additional 107,096 shares during the period. AbbVie comprises approximately 0.7% of Meeder Asset Management Inc.’s holdings, making the stock its 28th biggest position. Meeder Asset Management Inc.’s holdings in AbbVie were worth $13,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in the business. Selective Wealth Management Inc. grew its position in 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 during the last quarter. Cottage Street Advisors LLC lifted its holdings in shares of AbbVie by 2.5% during the 1st quarter. Cottage Street Advisors LLC now owns 3,847 shares of the company’s stock valued at $416,000 after purchasing an additional 94 shares during the last quarter. Financial Sense Advisors Inc. boosted its holdings in AbbVie by 0.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 10,618 shares of the company’s stock worth $1,149,000 after buying an additional 94 shares during the last quarter. Nachman Norwood & Parrott Inc raised its position in AbbVie by 0.3% in the first quarter. Nachman Norwood & Parrott Inc now owns 27,623 shares of the company’s stock valued at $2,989,000 after purchasing an additional 96 shares during the period. Finally, Laurel Wealth Advisors Inc. raised its holdings in shares of AbbVie by 0.5% in the fourth quarter. Laurel Wealth Advisors Inc. now owns 18,259 shares of the company’s stock valued at $1,957,000 after buying an additional 97 shares during the last quarter. 67.49% of the stock is owned by institutional investors.
Shares of ABBV stock traded up $0.52 during trading hours on Tuesday, hitting $115.20. 147,288 shares of the company’s stock traded hands, compared to its average volume of 7,254,007. 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 Inc. has a 12 month low of $79.11 and a 12 month high of $115.10. The stock has a market cap of $203.31 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 1.54 and a beta of 0.84. The stock’s 50 day simple moving average is $107.82 and its 200 day simple moving average is $103.84.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Thursday, April 15th will be paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date of this dividend is Wednesday, April 14th. AbbVie’s dividend payout ratio is 58.17%.
Several equities analysts recently commented on ABBV shares. Mizuho increased their price target on shares of AbbVie from $126.00 to $128.00 and gave the company a “buy” rating in a report on Monday. Piper Sandler boosted their target price on AbbVie from $120.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley lowered their price objective on shares of AbbVie from $120.00 to $116.00 and set an “overweight” rating for the company in a research report on Thursday, January 28th. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a research report on Tuesday, February 9th. Finally, SVB Leerink upped their target price on shares of AbbVie from $140.00 to $144.00 and gave the company an “outperform” rating in a research report on Tuesday, March 30th. One 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. AbbVie presently has an average rating of “Buy” and a consensus price target of $116.94.
In related news, SVP Elaine K. Sorg sold 8,440 shares of the 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 transaction, the senior vice president now directly owns 26,035 shares in the company, valued at approximately $2,827,661.35. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Timothy J. Richmond sold 19,514 shares of AbbVie stock in a transaction dated 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 transaction, the executive vice president now owns 19,514 shares of the company’s stock, valued at $2,119,025.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,067 shares of company stock worth $21,511,667. 0.09% of the stock is owned by corporate insiders.
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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