Canopy Partners LLC Buys 1,476 Shares of AbbVie Inc. (NYSE:ABBV)

Canopy Partners LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 33.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,832 shares of the company's stock after purchasing an additional 1,476 shares during the period. Canopy Partners LLC's holdings in AbbVie were worth $1,036,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in AbbVie by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 173,072,078 shares of the company's stock valued at $30,754,908,000 after purchasing an additional 1,424,237 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of AbbVie by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 37,144,933 shares of the company's stock worth $6,586,948,000 after buying an additional 983,888 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in AbbVie by 15.1% in 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 buying an additional 3,599,336 shares in the last quarter. Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at $4,459,385,000. Finally, FMR LLC grew its position in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after acquiring an additional 4,466,971 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Activity at AbbVie

In related news, EVP Timothy J. Richmond sold 29,917 shares of the company'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 completion of the sale, the executive vice president now owns 44,284 shares in the company, valued at $8,985,223.60. This represents a 40.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,471 shares of company stock worth $23,426,451 in the last ninety days. Company insiders own 0.25% of the company's stock.

AbbVie Trading Up 1.0 %

ABBV stock traded up $1.77 during midday trading on Friday, reaching $175.97. The company's stock had a trading volume of 4,246,922 shares, compared to its average volume of 5,922,573. The business's 50-day simple moving average is $200.47 and its 200-day simple moving average is $188.60. 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 Inc. has a 52 week low of $153.58 and a 52 week high of $218.66. The stock has a market cap of $311.29 billion, a PE ratio of 72.75, a price-to-earnings-growth ratio of 1.62 and a beta of 0.55.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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 earned $2.79 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.73%. AbbVie's dividend payout ratio (DPR) is presently 273.33%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ABBV shares. Raymond James reissued an "outperform" rating and set a $220.00 price objective (up from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Piper Sandler Companies reaffirmed an "overweight" rating and set a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. BMO Capital Markets raised their price objective on shares of AbbVie from $208.00 to $215.00 and gave the stock an "outperform" rating in a report on Monday, February 3rd. Finally, Guggenheim boosted their target price on AbbVie from $212.00 to $214.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $210.71.

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.