Pinebridge Investments L.P. Has $22.06 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Pinebridge Investments L.P. cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 62.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in shares of AbbVie by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock valued at $1,664,489,000 after purchasing an additional 108,993 shares during the period. Quantbot Technologies LP grew its holdings in shares of AbbVie by 35.8% during the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company's stock valued at $186,000 after buying an additional 276 shares in the last quarter. Everence Capital Management Inc. increased its holdings in shares of AbbVie by 41.3% in the 4th quarter. Everence Capital Management Inc. now owns 53,171 shares of the company's stock valued at $9,448,000 after purchasing an additional 15,550 shares during the period. GAMMA Investing LLC grew its position in AbbVie by 9.5% during the fourth quarter. GAMMA Investing LLC now owns 39,453 shares of the company's stock valued at $7,011,000 after purchasing an additional 3,439 shares in the last quarter. Finally, Sky Investment Group LLC boosted its stake in shares of AbbVie by 10.1% during the 4th quarter. Sky Investment Group LLC now owns 42,715 shares of the company's stock valued at $7,590,000 after buying an additional 3,936 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on ABBV. StockNews.com downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, April 9th. UBS Group boosted their price objective on AbbVie from $181.00 to $190.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. Citigroup upped their price target on AbbVie from $205.00 to $215.00 and gave the stock a "buy" rating in a report on Monday, February 3rd. Morgan Stanley reiterated a "hold" rating on shares of AbbVie in a research report on Friday, April 11th. Finally, Cantor Fitzgerald assumed coverage on shares of AbbVie in a research note on Tuesday. They set an "overweight" rating and a $210.00 price target for the company. Seven research 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 company's stock. According to MarketBeat.com, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $211.19.

Insider Buying and Selling

In other news, EVP Perry C. Siatis sold 5,778 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the sale, the executive vice president now directly owns 22,381 shares of the company's stock, valued at $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was 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 directly owns 53,234 shares in the company, valued at $11,183,398.72. The trade was a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,471 shares of company stock worth $23,426,451. Corporate insiders own 0.25% of the company's stock.

AbbVie Stock Up 3.1 %

NYSE ABBV traded up $5.59 on Friday, reaching $185.96. The company had a trading volume of 10,480,961 shares, compared to its average volume of 6,064,212. The company's fifty day moving average is $196.85 and its 200-day moving average is $187.23. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The firm has a market capitalization of $328.96 billion, a price-to-earnings ratio of 77.48, a price-to-earnings-growth ratio of 1.62 and a beta of 0.55. 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 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). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The firm had revenue of $13.34 billion for the quarter, compared to analyst estimates of $12.91 billion. During the same period last year, the company earned $2.31 EPS. On average, research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Tuesday, April 15th. AbbVie's dividend payout ratio is currently 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.