Investors Research Corp Lowers Stake in AbbVie Inc. (NYSE:ABBV)


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Investors Research Corp reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,076 shares of the company’s stock after selling 275 shares during the quarter. AbbVie accounts for approximately 0.6% of Investors Research Corp’s investment portfolio, making the stock its 22nd biggest holding. Investors Research Corp’s holdings in AbbVie were worth $1,632,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ABBV. Selective Wealth Management Inc. raised its holdings in shares of AbbVie by 16.3% during the fourth quarter. Selective Wealth Management Inc. now owns 672 shares of the company’s stock worth $72,000 after purchasing an additional 94 shares during the period. Cottage Street Advisors LLC increased its holdings in shares of AbbVie by 2.5% in the 1st quarter. Cottage Street Advisors LLC now owns 3,847 shares of the company’s stock worth $416,000 after acquiring an additional 94 shares during the period. Financial Sense Advisors Inc. increased its holdings in shares of 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 acquiring an additional 94 shares during the period. Nachman Norwood & Parrott Inc increased its holdings in shares of AbbVie by 0.3% in 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 during the period. Finally, Laurel Wealth Advisors Inc. increased its holdings in shares of AbbVie by 0.5% in the 4th quarter. Laurel Wealth Advisors Inc. now owns 18,259 shares of the company’s stock worth $1,957,000 after acquiring an additional 97 shares during the period. 67.49% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Timothy J. Richmond sold 19,514 shares of the firm’s stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Richard A. Gonzalez sold 170,113 shares of the firm’s stock in a transaction that occurred on Monday, March 1st. The shares were sold at an average price of $108.61, for a total transaction of $18,475,972.93. Following the transaction, the chief executive officer now directly 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 ninety days, insiders have sold 198,067 shares of company stock worth $21,511,667. Insiders own 0.09% of the company’s stock.

A number of analysts recently weighed in on ABBV shares. BMO Capital Markets increased their price objective on shares of AbbVie from $127.00 to $129.00 and gave the stock an “outperform” rating in a report on Monday. Mizuho increased their target price on shares of AbbVie from $126.00 to $128.00 and gave the company a “buy” rating in a research report on Monday. Zacks Investment Research upgraded shares of 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. SVB Leerink increased 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. Finally, Piper Sandler increased their target price on shares of AbbVie from $120.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $116.94.

Shares of NYSE ABBV traded up $0.71 during mid-day trading on Tuesday, reaching $115.39. The company had a trading volume of 101,133 shares, compared to its average volume of 7,254,007. The stock has a fifty day moving average of $107.82 and a two-hundred day moving average of $103.84. The company has a debt-to-equity ratio of 5.38, a quick ratio of 0.81 and a current ratio of 0.95. The company has a market capitalization of $203.64 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 1.54 and a beta of 0.84. AbbVie Inc. has a 12-month low of $79.11 and a 12-month high of $115.10.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, April 29th. The company reported $2.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.12. The business had revenue of $13.01 billion during the quarter, compared to analyst estimates of $12.84 billion. AbbVie had a net margin of 18.16% and a return on equity of 439.24%. The firm’s revenue was up 50.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 10.48 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Investors of record on Thursday, April 15th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend is Wednesday, April 14th. AbbVie’s payout ratio is presently 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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