Legacy Advisors LLC Grows Stake in AbbVie Inc. (NYSE:ABBV)

Legacy Advisors LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 5.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 21,983 shares of the company’s stock after acquiring an additional 1,171 shares during the period. Legacy Advisors LLC’s holdings in AbbVie were worth $4,606,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blue Bell Private Wealth Management LLC lifted its holdings in shares of AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock worth $40,000 after purchasing an additional 52 shares during the period. Steel Grove Capital Advisors LLC lifted its holdings in AbbVie by 1.7% in the fourth quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company’s stock valued at $553,000 after acquiring an additional 52 shares during the period. Peninsula Wealth LLC increased its position in shares of AbbVie by 4.1% in the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company’s stock valued at $242,000 after buying an additional 54 shares in the last quarter. Connecticut Wealth Management LLC increased its position in shares of AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock valued at $660,000 after buying an additional 57 shares in the last quarter. Finally, Northstar Group Inc. increased its position in shares of AbbVie by 0.7% in the first quarter. Northstar Group Inc. now owns 8,512 shares of the company’s stock valued at $1,783,000 after buying an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $183.92 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The business has a fifty day simple moving average of $185.28 and a 200 day simple moving average of $187.84. The firm has a market cap of $324.88 billion, a price-to-earnings ratio of 78.26, a P/E/G ratio of 1.23 and a beta of 0.50.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.31 earnings per share. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio is 279.15%.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABBV. Evercore ISI boosted their price target on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Bank of America increased their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.