Cherry Creek Investment Advisors Inc. Has $4.53 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Cherry Creek Investment Advisors Inc. grew its position in AbbVie Inc. (NYSE:ABBV) by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,257 shares of the company’s stock after buying an additional 329 shares during the quarter. AbbVie makes up approximately 2.7% of Cherry Creek Investment Advisors Inc.’s portfolio, making the stock its 12th largest position. Cherry Creek Investment Advisors Inc.’s holdings in AbbVie were worth $4,534,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hibernia Wealth Partners LLC bought a new position in AbbVie during the third quarter valued at approximately $36,000. VitalStone Financial LLC raised its position in AbbVie by 218.4% during the second quarter. VitalStone Financial LLC now owns 242 shares of the company’s stock valued at $33,000 after acquiring an additional 166 shares in the last quarter. True Wealth Design LLC bought a new position in AbbVie during the fourth quarter valued at approximately $39,000. KB Financial Partners LLC bought a new position in AbbVie during the first quarter valued at approximately $45,000. Finally, PCA Investment Advisory Services Inc. bought a new position in AbbVie during the second quarter valued at approximately $38,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Down 0.3 %

NYSE:ABBV traded down $0.54 on Wednesday, hitting $169.60. 1,782,722 shares of the stock were exchanged, compared to its average volume of 5,671,703. The stock has a market capitalization of $300.30 billion, a price-to-earnings ratio of 62.22, a P/E/G ratio of 2.17 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The company’s 50-day moving average price is $176.46 and its 200 day moving average price is $159.49.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. The company had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. AbbVie’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.60 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 11.1 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared 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. This represents a $6.20 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is currently 227.11%.

Analyst Ratings Changes

A number of research firms have recently commented on ABBV. Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Truist Financial boosted their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. HSBC lowered shares of AbbVie from a “buy” rating to a “hold” rating and dropped their target price for the stock from $167.00 to $156.00 in a research report on Monday, December 18th. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Finally, Raymond James boosted their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $177.43.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the sale, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Kevin K. Buckbee sold 5,144 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 in the last quarter. 0.25% of the stock is currently owned by insiders.

About AbbVie

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.