Resources Management Corp CT ADV Has $17.88 Million Stake in AbbVie Inc. $ABBV

Resources Management Corp CT ADV increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,334 shares of the company’s stock after buying an additional 158 shares during the quarter. AbbVie accounts for about 2.5% of Resources Management Corp CT ADV’s portfolio, making the stock its 6th biggest holding. Resources Management Corp CT ADV’s holdings in AbbVie were worth $17,879,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ABBV. Private Management Group Inc. raised its stake in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after purchasing an additional 54 shares in the last quarter. Connecticut Wealth Management LLC raised its stake in shares of AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company’s stock worth $660,000 after purchasing an additional 57 shares in the last quarter. Castle Wealth Management LLC raised its stake in shares of AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock worth $361,000 after purchasing an additional 57 shares in the last quarter. High Falls Advisors Inc raised its stake in shares of AbbVie by 3.2% during the 1st quarter. High Falls Advisors Inc now owns 1,863 shares of the company’s stock worth $390,000 after purchasing an additional 57 shares in the last quarter. Finally, Northstar Group Inc. raised its stake in shares of AbbVie by 0.7% during the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company’s stock worth $1,783,000 after purchasing an additional 58 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Price Performance

Shares of NYSE ABBV opened at $212.34 on Friday. The firm has a market cap of $375.11 billion, a P/E ratio of 101.11, a price-to-earnings-growth ratio of 1.37 and a beta of 0.53. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The business’s 50 day moving average is $197.74 and its 200-day moving average is $194.13.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $2.65 EPS. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ABBV shares. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Citigroup raised their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective for the company. Finally, Bank of America raised their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $214.95.

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.