Centric Wealth Management Acquires 8,508 Shares of AbbVie Inc. (NYSE:ABBV)

Centric Wealth Management lifted its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 87.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,256 shares of the company's stock after purchasing an additional 8,508 shares during the quarter. AbbVie accounts for 0.9% of Centric Wealth Management's portfolio, making the stock its 27th largest position. Centric Wealth Management's holdings in AbbVie were worth $3,244,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Groupama Asset Managment raised its holdings in shares of AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company's stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. Fiduciary Advisors Inc. acquired a new position in shares of AbbVie during the 4th quarter worth about $29,000. Promus Capital LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie during the fourth quarter worth about $31,000. Finally, Prudent Man Investment Management Inc. acquired a new position in AbbVie during the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction on 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 sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This represents a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 113,471 shares of company stock valued at $23,426,451. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Stock Performance

Shares of NYSE:ABBV traded down $8.90 during mid-day trading on Friday, reaching $192.74. The company had a trading volume of 4,511,720 shares, compared to its average volume of 6,461,402. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The company's 50-day moving average price is $200.28 and its 200-day moving average price is $189.30. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66. The firm has a market cap of $340.95 billion, a price-to-earnings ratio of 80.30, a PEG ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last announced its 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 quarter in the previous year, the business earned $2.79 earnings per share. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.40%. AbbVie's payout ratio is 273.33%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an "overweight" rating in a report on Tuesday, December 17th. BMO Capital Markets raised their target price on shares of AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a research note on Monday, February 3rd. Daiwa America downgraded AbbVie from a "strong-buy" rating to a "hold" rating in a research report on Thursday, December 5th. Raymond James reaffirmed an "outperform" rating and set a $220.00 price target (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Finally, Guggenheim upped their price objective on shares of AbbVie from $212.00 to $214.00 and gave the company a "buy" rating in a report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $211.45.

AbbVie 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.