Pinnacle Wealth Planning Services Inc. Trims Position in AbbVie Inc. (NYSE:ABBV)

Pinnacle Wealth Planning Services Inc. cut its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 19.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,088 shares of the company's stock after selling 2,985 shares during the quarter. Pinnacle Wealth Planning Services Inc.'s holdings in AbbVie were worth $2,148,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ABBV. Swedbank AB increased its holdings in shares of AbbVie by 0.3% during the 3rd quarter. Swedbank AB now owns 2,147,126 shares of the company's stock valued at $424,014,000 after purchasing an additional 6,810 shares in the last quarter. Howard Capital Management Group LLC increased its holdings in AbbVie by 20.3% in the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company's stock worth $397,000 after acquiring an additional 339 shares in the last quarter. United Advisor Group LLC increased its holdings in AbbVie by 89.9% in the 3rd quarter. United Advisor Group LLC now owns 4,382 shares of the company's stock worth $865,000 after acquiring an additional 2,075 shares in the last quarter. JFG Wealth Management LLC increased its holdings in AbbVie by 8.4% in the 3rd quarter. JFG Wealth Management LLC now owns 2,304 shares of the company's stock worth $455,000 after acquiring an additional 178 shares in the last quarter. Finally, Balentine LLC increased its holdings in AbbVie by 87.4% in the 3rd quarter. Balentine LLC now owns 10,842 shares of the company's stock worth $2,141,000 after acquiring an additional 5,056 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday. UBS Group boosted their price target 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. Raymond James reissued an "outperform" rating and set a $220.00 price target (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. JPMorgan Chase & Co. reduced their price objective on shares of AbbVie from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Wednesday, November 13th. Finally, Bank of America boosted their price objective on shares of AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $211.45.

AbbVie Stock Up 1.9 %

Shares of NYSE:ABBV opened at $211.61 on Thursday. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The firm has a market capitalization of $373.57 billion, a PE ratio of 88.17, a price-to-earnings-growth ratio of 1.62 and a beta of 0.58. The firm's 50-day moving average is $186.27 and its two-hundred day moving average is $187.31. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $215.66.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) 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 quarter in the previous year, the business earned $2.79 EPS. Analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.10%. AbbVie's payout ratio is 273.33%.

Insider Buying and Selling

In related news, EVP Timothy J. Richmond sold 29,917 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the sale, the executive vice president now directly owns 44,284 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the sale, the senior vice president now owns 11,496 shares in the company, valued at $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. Over the last ninety days, insiders have sold 56,439 shares of company stock worth $11,377,057. Company insiders own 0.25% of the company's stock.

About AbbVie

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.

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