Summit Financial Strategies Inc. Purchases 4,441 Shares of AbbVie Inc. (NYSE:ABBV)

Summit Financial Strategies Inc. boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 88.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 9,457 shares of the company's stock after purchasing an additional 4,441 shares during the period. Summit Financial Strategies Inc.'s holdings in AbbVie were worth $1,681,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. State Street Corp increased its stake in shares of AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company's stock worth $15,614,329,000 after purchasing an additional 1,267,685 shares during the last quarter. FMR LLC increased its position in AbbVie by 3.9% in the third quarter. FMR LLC now owns 13,630,404 shares of the company's stock worth $2,691,732,000 after buying an additional 511,470 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company's stock valued at $2,009,542,000 after buying an additional 582,953 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of AbbVie by 4.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company's stock valued at $1,842,642,000 after buying an additional 373,802 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in AbbVie by 1,745.0% in the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company's stock valued at $933,698,000 after acquiring an additional 4,471,806 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Trading Down 1.1 %

ABBV stock traded down $2.02 during trading on Tuesday, hitting $174.88. 5,603,615 shares of the company traded hands, compared to its average volume of 6,088,012. The company has a 50-day moving average of $176.05 and a 200-day moving average of $184.94. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $207.32. The firm has a market capitalization of $309.04 billion, a PE ratio of 60.72, a P/E/G ratio of 1.68 and a beta of 0.58.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating analysts' consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. During the same quarter in the prior year, the firm posted $2.95 earnings per share. The business's quarterly revenue was up 3.8% compared to the same quarter last year. Analysts predict that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.75%. This is an increase from AbbVie's previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie's dividend payout ratio is 227.78%.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Leerink Partners raised shares of AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 target price on the stock in a report on Friday, November 22nd. Daiwa Capital Markets downgraded AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 target price for the company. in a research note on Thursday, December 5th. Wells Fargo & Company upped their price target on AbbVie to $195.00 and gave the company a "buy" rating in a research report on Tuesday, November 19th. Barclays increased their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an "overweight" rating in a research note on Monday, October 7th. Finally, Guggenheim lifted their price objective on AbbVie from $212.00 to $221.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $205.00.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the business's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

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.