Iowa State Bank trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,431 shares of the company’s stock after selling 1,776 shares during the period. AbbVie accounts for about 2.3% of Iowa State Bank’s holdings, making the stock its 9th largest holding. Iowa State Bank’s holdings in AbbVie were worth $7,514,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Bogart Wealth LLC increased its position in shares of AbbVie by 5.8% during the fourth 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 in the last quarter. Nissay Asset Management Corp Japan ADV increased its position in shares of AbbVie by 15.0% during the fourth 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 in the last quarter. J. W. Coons Advisors LLC increased its position in shares of AbbVie by 42.3% during the fourth 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 in the last quarter. Sound Income Strategies LLC increased its position in shares of AbbVie by 27.2% during the fourth quarter. Sound Income Strategies LLC now owns 42,967 shares of the company’s stock worth $4,604,000 after purchasing an additional 9,185 shares in the last quarter. Finally, Advisors Capital Management LLC increased its position in shares of AbbVie by 3.6% during the fourth quarter. Advisors Capital Management LLC now owns 263,577 shares of the company’s stock worth $28,242,000 after purchasing an additional 9,115 shares in the last quarter. 67.49% of the stock is owned by institutional investors.
In other AbbVie news, EVP Timothy J. Richmond sold 19,514 shares of the 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 sale, the executive vice president now owns 19,514 shares in the company, valued at approximately $2,119,025.26. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Richard A. Gonzalez sold 170,113 shares of the stock in a transaction on Monday, March 1st. The shares were sold at an average price of $108.61, for a total value of $18,475,972.93. Following the sale, the chief executive officer now owns 450,981 shares in the company, valued at approximately $48,981,046.41. The disclosure for this sale can be found here. In the last quarter, insiders have sold 198,067 shares of company stock worth $21,511,667. 0.09% of the stock is owned by insiders.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Tuesday, February 2nd. The company reported $2.92 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.07. The business had revenue of $13.86 billion for the quarter, compared to analysts’ expectations of $13.70 billion. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The company’s revenue was up 59.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.21 EPS. On average, research analysts predict that AbbVie Inc. will post 10.48 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 14th. Investors of record on Thursday, April 15th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Wednesday, April 14th. AbbVie’s dividend payout ratio is currently 58.17%.
A number of analysts have recently commented on the company. Royal Bank of Canada assumed coverage on AbbVie in a research report on Wednesday, April 7th. They set a $135.00 target price on the stock. Zacks Investment Research upgraded 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. Morgan Stanley dropped their price target on AbbVie from $120.00 to $116.00 and set an “overweight” rating on the stock in a research report on Thursday, January 28th. SVB Leerink boosted their price target on AbbVie from $140.00 to $144.00 and gave the company an “outperform” rating in a research report on Tuesday, March 30th. Finally, Mizuho boosted their price target 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus 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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