Stockman Wealth Management Inc. Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Stockman Wealth Management Inc. increased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,074 shares of the company’s stock after acquiring an additional 127 shares during the quarter. AbbVie comprises about 1.4% of Stockman Wealth Management Inc.’s investment portfolio, making the stock its 28th biggest holding. Stockman Wealth Management Inc.’s holdings in AbbVie were worth $5,203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Joseph P. Lucia & Associates LLC purchased a new stake in shares of AbbVie in the fourth quarter worth $29,000. Alpha DNA Investment Management LLC purchased a new position in AbbVie in the fourth quarter worth about $33,000. McClarren Financial Advisors Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $38,000. JJJ Advisors Inc. increased its position in shares of AbbVie by 260.8% during the fourth quarter. JJJ Advisors Inc. now owns 368 shares of the company’s stock valued at $39,000 after acquiring an additional 266 shares in the last quarter. Finally, Core Wealth Advisors Inc. purchased a new position in AbbVie in the 4th quarter worth approximately $43,000. 67.49% of the stock is owned by institutional investors.

Several research firms have recently weighed in on ABBV. Royal Bank of Canada assumed coverage on AbbVie in a research note on Wednesday, April 7th. They issued a $135.00 price target for the company. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $114.00 price objective on the stock in a research report on Tuesday, February 9th. BMO Capital Markets upped their price target on shares of AbbVie from $127.00 to $129.00 and gave the company an “outperform” rating in a research report on Monday, May 10th. Piper Sandler raised their price objective on shares of AbbVie from $120.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, April 30th. 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 report on Tuesday, March 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $116.94.

In other news, SVP Carrie C. Strom sold 4,184 shares of the business’s stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $112.40, for a total value of $470,281.60. Following the sale, the senior vice president now directly owns 63,409 shares in the company, valued at approximately $7,127,171.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Elaine K. Sorg sold 8,440 shares of the stock in a transaction dated Monday, March 1st. The shares were sold at an average price of $108.61, for a total transaction of $916,668.40. Following the completion of the transaction, 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 a total of 202,251 shares of company stock worth $21,981,948 over the last ninety days. Insiders own 0.09% of the company’s stock.

Shares of NYSE:ABBV opened at $116.98 on Tuesday. The firm has a market cap of $206.61 billion, a price-to-earnings ratio of 24.71, a P/E/G ratio of 1.54 and a beta of 0.84. The firm has a fifty day moving average price of $110.65 and a 200 day moving average price of $106.06. AbbVie Inc. has a fifty-two week low of $79.11 and a fifty-two week high of $117.71. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.81 and a current ratio of 0.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, April 29th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.83 by $0.12. AbbVie had a net margin of 18.16% and a return on equity of 439.24%. The business had revenue of $13.01 billion during the quarter, compared to the consensus estimate of $12.84 billion. During the same quarter in the prior year, the firm earned $2.42 EPS. The business’s revenue was up 50.9% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 10.48 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Thursday, April 15th were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.45%. The ex-dividend date was Wednesday, April 14th. AbbVie’s payout ratio is 58.17%.

About AbbVie

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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