Cahaba Wealth Management Inc. Sells 796 Shares of AbbVie Inc. (NYSE:ABBV)

Cahaba Wealth Management Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 19.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,252 shares of the company’s stock after selling 796 shares during the quarter. Cahaba Wealth Management Inc.’s holdings in AbbVie were worth $504,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. FAS Wealth Partners Inc. lifted its position in shares of AbbVie by 2.9% in the 4th quarter. FAS Wealth Partners Inc. now owns 22,453 shares of the company’s stock worth $3,480,000 after purchasing an additional 625 shares during the period. Welch Group LLC lifted its position in shares of AbbVie by 1.5% in the 4th quarter. Welch Group LLC now owns 368,946 shares of the company’s stock worth $57,176,000 after purchasing an additional 5,463 shares during the period. Bell Bank lifted its position in shares of AbbVie by 1.4% in the 4th quarter. Bell Bank now owns 70,758 shares of the company’s stock worth $10,965,000 after purchasing an additional 990 shares during the period. State of Michigan Retirement System lifted its position in shares of AbbVie by 0.3% in the 4th quarter. State of Michigan Retirement System now owns 499,608 shares of the company’s stock worth $77,424,000 after purchasing an additional 1,500 shares during the period. Finally, First Citizens Bank & Trust Co. lifted its position in shares of AbbVie by 1.9% in the 4th quarter. First Citizens Bank & Trust Co. now owns 5,902 shares of the company’s stock worth $915,000 after purchasing an additional 108 shares during the period. 70.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ABBV. HSBC downgraded shares of AbbVie from a “buy” rating to a “hold” rating and dropped their target price for the company from $167.00 to $156.00 in a research report on Monday, December 18th. The Goldman Sachs Group upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 target price on the stock in a research report on Monday, December 11th. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. BMO Capital Markets upped their price objective on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Finally, Guggenheim upped their price objective on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

Check Out Our Latest Stock Report on AbbVie

AbbVie Stock Performance

ABBV traded down $0.04 during trading on Tuesday, hitting $180.72. 4,523,844 shares of the company traded hands, compared to its average volume of 5,643,128. The firm has a market cap of $319.99 billion, a P/E ratio of 66.19, a price-to-earnings-growth ratio of 2.31 and a beta of 0.58. The stock’s fifty day moving average is $175.54 and its 200 day moving average is $158.67. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89.

AbbVie (NYSE:ABBVGet Free Report) last issued its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. The firm had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business earned $3.60 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 11.15 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.43%. AbbVie’s dividend payout ratio is presently 227.11%.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,233,546.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 over the last quarter. 0.25% of the stock is currently owned by company insiders.

AbbVie Company Profile

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Beh├žet'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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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