Crowley Wealth Management Inc. Purchases New Shares in AbbVie Inc. (NYSE:ABBV)

Crowley Wealth Management Inc. acquired a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 25,857 shares of the company's stock, valued at approximately $4,595,000. AbbVie comprises approximately 4.1% of Crowley Wealth Management Inc.'s portfolio, making the stock its 5th biggest holding.

Several other hedge funds have also modified their holdings of ABBV. Raymond James Financial Inc. purchased a new stake in AbbVie during the fourth quarter valued at approximately $1,190,951,000. Charles Schwab Investment Management Inc. increased its position in shares of AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares during the last quarter. Boston Partners raised its holdings in AbbVie by 35.9% during the 4th quarter. Boston Partners now owns 5,687,472 shares of the company's stock valued at $1,008,867,000 after buying an additional 1,503,875 shares during the period. Vanguard Group Inc. lifted its position in AbbVie by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock worth $30,754,908,000 after buying an additional 1,424,237 shares during the last quarter. Finally, State Street Corp boosted its stake in AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company's stock worth $15,614,329,000 after buying an additional 1,267,685 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the sale, the executive vice president now directly owns 44,284 shares of the company's stock, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Perry C. Siatis sold 5,778 shares of the business's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the transaction, the executive vice president now directly owns 22,381 shares of the company's stock, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,639 shares of company stock valued at $11,067,025 over the last ninety days. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ABBV. BMO Capital Markets raised their target price on shares of AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a report on Monday, February 3rd. Piper Sandler Companies reissued an "overweight" rating and issued a $220.00 price objective on shares of AbbVie in a research report on Tuesday, December 17th. Citigroup boosted their target price on AbbVie from $205.00 to $215.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. UBS Group increased their price target on AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, Daiwa Capital Markets lowered AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 price target for the company. in a research note on Thursday, December 5th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $211.45.

AbbVie Stock Up 0.7 %

Shares of AbbVie stock traded up $1.49 during trading on Thursday, reaching $202.79. The company's stock had a trading volume of 4,992,685 shares, compared to its average volume of 5,276,931. The company has a 50-day simple moving average of $196.83 and a two-hundred day simple moving average of $188.96. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The company has a market cap of $357.99 billion, a price-to-earnings ratio of 84.50, a P/E/G ratio of 1.62 and a beta of 0.61. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts' consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the previous year, the business posted $2.79 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.23%. AbbVie's payout ratio is currently 273.33%.

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.