Main Street Research LLC Has $1.57 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Main Street Research LLC lifted its position in AbbVie Inc. (NYSE:ABBV) by 3.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,154 shares of the company’s stock after purchasing an additional 343 shares during the period. Main Street Research LLC’s holdings in AbbVie were worth $1,574,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ABBV. Moneta Group Investment Advisors LLC raised its position in shares of AbbVie by 89,097.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after acquiring an additional 29,170,366 shares during the period. Norges Bank acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $3,033,348,000. Massachusetts Financial Services Co. MA raised its position in shares of AbbVie by 29,922.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock valued at $899,186,000 after acquiring an additional 6,012,281 shares during the period. Morgan Stanley raised its position in shares of AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after acquiring an additional 4,785,277 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock valued at $754,155,000 after acquiring an additional 3,768,579 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the completion of the sale, the executive vice president now owns 60,941 shares of the company’s stock, valued at approximately $10,895,641.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction 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 $1,233,546.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of AbbVie stock in a transaction on Monday, March 18th. The stock was sold at an average price of $178.79, for a total value of $10,539,491.71. Following the sale, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at approximately $10,895,641.39. The disclosure for this sale can be found here. Over the last three months, insiders sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Up 1.2 %

Shares of NYSE:ABBV traded up $1.90 during midday trading on Tuesday, hitting $163.57. The stock had a trading volume of 2,405,692 shares, compared to its average volume of 5,629,264. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The business’s 50-day simple moving average is $176.23 and its 200-day simple moving average is $159.81. The company has a market cap of $289.63 billion, a P/E ratio of 59.91, a PEG ratio of 2.07 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the business earned $3.60 earnings per share. The firm’s revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 11.11 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.79%. AbbVie’s dividend payout ratio is presently 227.11%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ABBV shares. Raymond James increased their target price on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Guggenheim increased their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Truist Financial increased their target price on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Finally, BMO Capital Markets increased their target price on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $177.43.

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.