Cambridge Financial Group Inc. Buys Shares of 38,303 AbbVie Inc. (NYSE:ABBV)

Cambridge Financial Group Inc. purchased a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,303 shares of the company's stock, valued at approximately $6,806,000. AbbVie makes up about 2.8% of Cambridge Financial Group Inc.'s investment portfolio, making the stock its 24th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. Quantbot Technologies LP boosted its holdings in AbbVie by 35.8% in the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock valued at $186,000 after purchasing an additional 276 shares during the period. Everence Capital Management Inc. boosted its stake in shares of AbbVie by 41.3% in the 4th quarter. Everence Capital Management Inc. now owns 53,171 shares of the company's stock valued at $9,448,000 after buying an additional 15,550 shares during the period. GAMMA Investing LLC grew its position in shares of AbbVie by 9.5% during the fourth quarter. GAMMA Investing LLC now owns 39,453 shares of the company's stock worth $7,011,000 after buying an additional 3,439 shares in the last quarter. State Street Corp increased its stake in shares of 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. Finally, Sky Investment Group LLC raised its holdings in AbbVie by 10.1% in the fourth quarter. Sky Investment Group LLC now owns 42,715 shares of the company's stock valued at $7,590,000 after acquiring an additional 3,936 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

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AbbVie Stock Performance

Shares of NYSE ABBV traded up $4.54 during mid-day trading on Monday, hitting $209.83. 9,761,707 shares of the company were exchanged, compared to its average volume of 6,319,659. The stock has a 50 day simple moving average of $197.50 and a 200-day simple moving average of $188.91. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The firm has a market cap of $371.19 billion, a price-to-earnings ratio of 87.43, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Friday, January 31st. The company reported $2.16 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 quarter last year, the firm posted $2.79 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced 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. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date is Tuesday, April 15th. AbbVie's dividend payout ratio (DPR) is 273.33%.

Wall Street Analyst Weigh In

Several research firms have commented on ABBV. Piper Sandler increased their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. Wells Fargo & Company increased their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, March 5th. Morgan Stanley lifted their price target on AbbVie from $224.00 to $239.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Guggenheim increased their price objective on AbbVie from $212.00 to $214.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Finally, BMO Capital Markets boosted their target price on AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $211.45.

Insider Activity

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

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.