Cumberland Partners Ltd Lowers Holdings in AbbVie Inc. (NYSE:ABBV)

Cumberland Partners Ltd reduced its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 30.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,382 shares of the company's stock after selling 8,615 shares during the period. Cumberland Partners Ltd's holdings in AbbVie were worth $3,444,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ABBV. Groupama Asset Managment grew its position in shares of AbbVie by 40.3% during the third 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 purchased a new position in shares of AbbVie during the third quarter worth approximately $28,000. Fiduciary Advisors Inc. purchased a new position in AbbVie in the 4th quarter valued at $29,000. Retirement Wealth Solutions LLC purchased a new position in AbbVie in the 4th quarter valued at $35,000. Finally, Mizuho Securities Co. Ltd. grew its position in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company's stock valued at $39,000 after buying an additional 100 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $1.15 during midday trading on Friday, hitting $202.03. 5,879,957 shares of the stock were exchanged, compared to its average volume of 5,370,269. The stock has a market cap of $356.64 billion, a P/E ratio of 84.18, a PEG ratio of 1.61 and a beta of 0.58. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $207.32. The company has a 50 day moving average price of $181.25 and a 200-day moving average price of $186.41.

AbbVie (NYSE:ABBV - Get Free Report) last released 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 last year, the company posted $2.79 EPS. On average, research 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. Investors of record on Tuesday, April 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's dividend payout ratio is presently 273.33%.

Analysts Set New Price Targets

A number of research firms recently weighed in on ABBV. Argus upgraded shares of AbbVie from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. BMO Capital Markets lifted their price objective on shares of AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a research report on Monday, February 3rd. Wells Fargo & Company lifted their price objective on shares of AbbVie from $195.00 to $210.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Bank of America reiterated a "neutral" rating and issued a $191.00 price objective on shares of AbbVie in a research report on Tuesday, December 10th. Finally, Leerink Partnrs upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and a consensus price target of $208.35.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by company insiders.

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.