JPL Wealth Management LLC acquired a new stake in AbbVie Inc. (NYSE:ABBV - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 25,953 shares of the company's stock, valued at approximately $4,612,000. AbbVie comprises approximately 1.3% of JPL Wealth Management LLC's investment portfolio, making the stock its 20th biggest position.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in ABBV. Raymond James Financial Inc. acquired a new position in AbbVie in the fourth quarter valued at about $1,190,951,000. Charles Schwab Investment Management Inc. boosted its position in shares of AbbVie by 15.1% during 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. State Street Corp boosted its position in shares of AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company's stock worth $15,614,329,000 after buying an additional 1,267,685 shares during the period. Proficio Capital Partners LLC boosted its position in shares of AbbVie by 26,693.1% during the fourth quarter. Proficio Capital Partners LLC now owns 1,176,754 shares of the company's stock worth $209,109,000 after buying an additional 1,172,362 shares during the period. Finally, Alecta Tjanstepension Omsesidigt acquired a new position in shares of AbbVie during the fourth quarter worth about $186,431,000. Institutional investors own 70.23% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on ABBV. Leerink Partnrs raised AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 22nd. Daiwa America lowered AbbVie from a "strong-buy" rating to a "hold" rating in a report on Thursday, December 5th. Raymond James reiterated an "outperform" rating and set a $220.00 target price (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. BMO Capital Markets upped their price objective on AbbVie from $208.00 to $215.00 and gave the company an "outperform" rating in a research note on Monday, February 3rd. Finally, Bank of America upped their price objective on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a research note on Tuesday, March 4th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $211.45.
View Our Latest Analysis on ABBV
AbbVie Trading Down 0.8 %
Shares of ABBV stock opened at $211.80 on Thursday. The stock's fifty day moving average price is $189.84 and its two-hundred day moving average price is $187.89. The company has a market cap of $373.91 billion, a PE ratio of 88.25, a P/E/G ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. 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 issued its earnings results 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 last year, the company posted $2.79 earnings per share. Equities analysts predict 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. 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 3.10%. The ex-dividend date is Tuesday, April 15th. AbbVie's dividend payout ratio (DPR) is 273.33%.
Insider Activity at AbbVie
In related news, SVP Kevin K. Buckbee sold 1,800 shares of the firm's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the transaction, the senior vice president now directly owns 6,983 shares of the company's stock, valued at $1,202,751.92. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm's stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 56,439 shares of company stock valued at $11,377,057 in the last 90 days. 0.25% of the stock is owned by corporate insiders.
AbbVie Company Profile
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Free Report)
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.
Further Reading
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