AbbVie Inc. (NYSE:ABBV) Position Decreased by Cary Street Partners Asset Management LLC

Cary Street Partners Asset Management LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,645 shares of the company’s stock after selling 1,080 shares during the period. Cary Street Partners Asset Management LLC’s holdings in AbbVie were worth $3,664,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Altfest L J & Co. Inc. lifted its position in shares of AbbVie by 0.9% in the third quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock worth $3,480,000 after purchasing an additional 215 shares in the last quarter. Torray Investment Partners LLC raised its position in AbbVie by 13.0% during the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after acquiring an additional 2,446 shares in the last quarter. Retirement Planning Co of New England Inc. raised its position in AbbVie by 21.3% during the third quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after acquiring an additional 4,633 shares in the last quarter. Amplius Wealth Advisors LLC raised its position in AbbVie by 17.6% during the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after acquiring an additional 400 shares in the last quarter. Finally, Opinicus Capital Inc. bought a new position in AbbVie during the fourth quarter valued at approximately $1,296,000. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the topic of several recent research reports. Guggenheim raised their price objective 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. Raymond James increased their price target on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Monday, February 5th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Truist Financial increased their price target on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Finally, BMO Capital Markets lowered their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.31.

AbbVie Price Performance

Shares of NYSE ABBV traded up $0.75 during midday trading on Wednesday, reaching $163.39. 1,188,677 shares of the company traded hands, compared to its average volume of 5,607,111. The stock’s 50-day simple moving average is $174.01 and its 200-day simple moving average is $161.10. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The firm has a market cap of $289.31 billion, a PE ratio of 48.27, a PEG ratio of 2.04 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. During the same period in the previous year, the business posted $2.46 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.79%. AbbVie’s dividend payout ratio is 183.98%.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction dated 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 directly owns 6,983 shares in the company, valued at $1,233,546.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 60,941 shares in the company, valued at approximately $10,895,641.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock worth $67,780,003 over the last three months. 0.25% of the stock is currently owned by company insiders.

AbbVie 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.