Pinebridge Investments L.P. Sells 204,292 Shares of AbbVie Inc. (NYSE:ABBV)

Pinebridge Investments L.P. decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 62.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 124,134 shares of the company's stock after selling 204,292 shares during the quarter. Pinebridge Investments L.P.'s holdings in AbbVie were worth $22,059,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new position in shares of AbbVie during the fourth quarter valued at $4,459,385,000. Raymond James Financial Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth about $1,190,951,000. FMR LLC lifted its holdings in AbbVie by 32.8% during the 4th quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in AbbVie by 15.1% during the 4th 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 during the last quarter. Finally, Franklin Resources Inc. boosted its position in AbbVie by 24.3% in the fourth quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company's stock valued at $3,064,773,000 after buying an additional 3,373,156 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ABBV shares. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Guggenheim reissued a "buy" rating and issued a $214.00 price objective on shares of AbbVie in a research note on Thursday, April 17th. Raymond James restated an "outperform" rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. StockNews.com downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, April 9th. Finally, UBS Group raised their price objective on shares of AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus price target of $211.19.

AbbVie Stock Up 3.1 %

Shares of ABBV stock traded up $5.59 on Friday, hitting $185.96. 10,480,961 shares of the stock were exchanged, compared to its average volume of 6,064,215. 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 $328.96 billion, a P/E ratio of 77.48, a price-to-earnings-growth ratio of 1.62 and a beta of 0.55. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. The business has a 50-day moving average of $196.85 and a 200 day moving average of $187.23.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, missing analysts' consensus estimates of $2.51 by ($0.05). The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period last year, the company earned $2.31 EPS. Equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared 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 of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.53%. AbbVie's dividend payout ratio (DPR) is presently 273.33%.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie 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 completion of the transaction, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. This trade represents a 52.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares in the company, valued at approximately $2,338,401.36. The trade was a 62.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,471 shares of company stock worth $23,426,451 in the last three months. Insiders own 0.25% of the company's stock.

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.