Gabelli Funds LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

Gabelli Funds LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 120,013 shares of the company's stock after selling 18,087 shares during the quarter. Gabelli Funds LLC's holdings in AbbVie were worth $21,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of AbbVie during the 4th quarter valued at approximately $4,459,385,000. Raymond James Financial Inc. purchased a new stake in AbbVie in the 4th quarter worth $1,190,951,000. FMR LLC boosted its stake in AbbVie by 32.8% during the fourth quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after buying an additional 4,466,971 shares during the last quarter. Charles Schwab Investment Management Inc. grew 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 valued at $4,875,401,000 after purchasing an additional 3,599,336 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of AbbVie by 24.3% in the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock valued at $3,064,773,000 after acquiring an additional 3,373,156 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Citigroup raised their price objective on AbbVie from $205.00 to $215.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. 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 research note on Monday, February 3rd. Raymond James reissued an "outperform" rating and issued a $220.00 target price (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Morgan Stanley reaffirmed a "hold" rating on shares of AbbVie in a research note on Friday, April 11th. Finally, Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. Seven investment 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $210.71.

Insider Buying and Selling at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the executive vice president now owns 22,381 shares of the company's stock, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,471 shares of company stock worth $23,426,451. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Up 0.6 %

Shares of NYSE:ABBV traded up $1.10 on Friday, reaching $172.78. The company had a trading volume of 8,474,425 shares, compared to its average volume of 5,997,458. 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 firm has a market capitalization of $305.64 billion, a PE ratio of 71.99, a PEG ratio of 1.62 and a beta of 0.55. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. The firm's 50 day simple moving average is $198.85 and its 200-day simple moving average is $187.99.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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 return on equity of 296.28% and a net margin of 7.59%. During the same period last year, the firm posted $2.79 earnings per share. As a group, analysts expect that AbbVie Inc. will post 12.31 earnings per share 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 3.80%. The ex-dividend date is Tuesday, April 15th. AbbVie's dividend payout ratio is presently 273.33%.

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.