Blue Barn Wealth LLC Reduces Position in AbbVie Inc. (NYSE:ABBV)

Blue Barn Wealth LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 32.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,482 shares of the company’s stock after selling 700 shares during the period. Blue Barn Wealth LLC’s holdings in AbbVie were worth $230,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of AbbVie by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock valued at $23,961,001,000 after buying an additional 1,450,089 shares during the period. Morgan Stanley grew its stake in shares of AbbVie by 2.9% in the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock valued at $4,796,085,000 after buying an additional 914,485 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of AbbVie by 7.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,451,975 shares of the company’s stock valued at $3,774,569,000 after buying an additional 1,702,415 shares during the period. Northern Trust Corp grew its stake in shares of AbbVie by 2.3% in the 3rd quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock valued at $3,269,822,000 after buying an additional 491,391 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in shares of AbbVie by 1.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 14,066,082 shares of the company’s stock valued at $2,098,436,000 after buying an additional 199,833 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.3 %

Shares of NYSE ABBV traded down $2.10 during midday trading on Wednesday, hitting $160.45. 5,803,482 shares of the company’s stock were exchanged, compared to its average volume of 5,661,256. The firm’s fifty day simple moving average is $172.48 and its 200-day simple moving average is $161.62. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The company has a market cap of $284.10 billion, a PE ratio of 47.55, a P/E/G ratio of 2.07 and a beta of 0.61. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 11.02% and a return on equity of 165.18%. AbbVie’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the business earned $2.46 EPS. Research analysts predict that AbbVie Inc. will post 11.29 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders 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 dividend on an annualized basis and a yield of 3.86%. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Activity

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s 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 transaction, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the sale, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. 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. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ABBV shares. BMO Capital Markets dropped their price target on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, April 29th. Barclays decreased their price objective on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. 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. Truist Financial upped their price objective on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Finally, William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Three 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $174.31.

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.