Capital Group Private Client Services Inc. cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 461,827 shares of the company's stock after selling 14,230 shares during the quarter. Capital Group Private Client Services Inc.'s holdings in AbbVie were worth $82,067,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Howard Capital Management Group LLC raised its position in shares of AbbVie by 20.3% in the third quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company's stock valued at $397,000 after purchasing an additional 339 shares during the period. Principal Financial Group Inc. boosted its stake in AbbVie by 12.3% during the third quarter. Principal Financial Group Inc. now owns 2,487,363 shares of the company's stock valued at $491,204,000 after buying an additional 273,078 shares during the period. Westside Investment Management Inc. boosted its position in shares of AbbVie by 1.0% during the 3rd quarter. Westside Investment Management Inc. now owns 17,296 shares of the company's stock valued at $3,403,000 after acquiring an additional 171 shares during the last quarter. Morse Asset Management Inc increased its position in shares of AbbVie by 2.4% in the third quarter. Morse Asset Management Inc now owns 7,563 shares of the company's stock worth $1,494,000 after purchasing an additional 175 shares during the last quarter. Finally, Aldebaran Financial Inc. purchased a new stake in AbbVie in the third quarter valued at approximately $466,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, EVP Perry C. Siatis sold 5,778 shares of the firm'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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,471 shares of company stock valued at $23,426,451. Company insiders own 0.25% of the company's stock.
AbbVie Trading Up 2.2 %
NYSE ABBV traded up $3.67 on Tuesday, hitting $173.83. 1,441,719 shares of the stock were exchanged, compared to its average volume of 5,994,486. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. The stock has a fifty day moving average price of $198.01 and a two-hundred day moving average price of $187.54. The firm has a market capitalization of $307.51 billion, a P/E ratio of 72.51, a P/E/G ratio of 1.62 and a beta of 0.55. 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 (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 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 prior year, the company posted $2.79 EPS. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's dividend payout ratio is presently 273.33%.
Analyst Ratings Changes
A number of analysts have recently issued reports on ABBV shares. BMO Capital Markets lifted 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. Guggenheim restated a "buy" rating and issued a $214.00 price objective on shares of AbbVie in a report on Thursday, April 17th. Wells Fargo & Company lifted their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Raymond James restated an "outperform" rating and set a $220.00 price target (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Finally, Citigroup boosted their price objective on shares of AbbVie from $205.00 to $215.00 and gave the company a "buy" rating in a research report on Monday, February 3rd. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average target price of $211.19.
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About AbbVie
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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.
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