CIBC Private Wealth Group LLC Sells 23,714 Shares of AbbVie Inc. (NYSE:ABBV)

CIBC Private Wealth Group LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,054,103 shares of the company's stock after selling 23,714 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.06% of AbbVie worth $188,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of 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 during the last quarter. State Street Corp lifted its stake in AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company's stock valued at $15,614,329,000 after buying an additional 1,267,685 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock worth $4,875,401,000 after buying an additional 3,599,336 shares during the period. Norges Bank purchased a new position in shares of AbbVie in the fourth quarter worth approximately $4,459,385,000. Finally, Amundi raised its holdings in shares of AbbVie by 9.4% during the fourth quarter. Amundi now owns 8,347,296 shares of the company's stock valued at $1,489,992,000 after acquiring an additional 717,403 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Remove Ads

Insider Activity at AbbVie

In other news, EVP Timothy J. Richmond sold 29,917 shares of the 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 directly owns 44,284 shares of the company's stock, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kevin K. Buckbee sold 18,944 shares of AbbVie stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the sale, the senior vice president now directly owns 11,496 shares in the company, valued at $2,338,401.36. The trade was a 62.23 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,639 shares of company stock worth $11,067,025. 0.08% of the stock is owned by insiders.

AbbVie Stock Down 0.8 %

NYSE ABBV traded down $1.63 during trading on Wednesday, hitting $204.64. 3,698,469 shares of the company traded hands, compared to its average volume of 5,735,858. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The business has a fifty day simple moving average of $198.94 and a 200 day simple moving average of $189.11. The company has a market capitalization of $362.00 billion, a P/E ratio of 85.27, a PEG ratio of 1.62 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts' consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the company earned $2.79 earnings per share. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's dividend payout ratio is currently 273.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ABBV shares. UBS Group raised their price objective on shares of AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a research note on Monday, February 3rd. Wells Fargo & Company raised their target price on AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Bank of America increased their price objective on AbbVie from $200.00 to $223.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Piper Sandler raised their price objective on AbbVie from $212.00 to $220.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Finally, BMO Capital Markets upped their target price on AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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.