Adams Diversified Equity Fund Inc. Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Adams Diversified Equity Fund Inc. lessened its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 190,800 shares of the company's stock after selling 8,200 shares during the period. AbbVie comprises 1.3% of Adams Diversified Equity Fund Inc.'s holdings, making the stock its 17th biggest holding. Adams Diversified Equity Fund Inc.'s holdings in AbbVie were worth $33,905,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Groupama Asset Managment grew its position in AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock worth $27,000 after acquiring an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie during the third quarter valued at about $28,000. Fiduciary Advisors Inc. bought a new stake in shares of AbbVie during the fourth quarter worth about $29,000. Promus Capital LLC bought a new stake in shares of AbbVie during the fourth quarter worth about $30,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Insiders Place Their Bets

In other news, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares of the company's stock, valued at $2,338,401.36. This represents a 62.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,639 shares of company stock worth $11,067,025. Insiders own 0.25% of the company's stock.

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Analyst Ratings Changes

ABBV has been the topic of a number of research reports. Truist Financial boosted their target price on shares of AbbVie from $211.00 to $217.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. UBS Group raised their target price on AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. Morgan Stanley lifted their target price on AbbVie from $224.00 to $239.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Guggenheim increased their price target on AbbVie from $212.00 to $214.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $211.45.

AbbVie Stock Down 3.8 %

Shares of NYSE ABBV traded down $8.05 during trading on Tuesday, hitting $201.12. 10,088,275 shares of the company traded hands, compared to its average volume of 5,250,727. The firm has a market capitalization of $355.05 billion, a price-to-earnings ratio of 83.80, a P/E/G ratio of 1.62 and a beta of 0.61. The business's fifty day moving average is $195.14 and its 200 day moving average is $188.73. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate 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 prior year, the business posted $2.79 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders 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 dividend on an annualized basis and a yield of 3.26%. AbbVie's dividend payout ratio (DPR) is presently 273.33%.

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.