Valley Wealth Managers Inc. Sells 1,931 Shares of AbbVie Inc. (NYSE:ABBV)

Valley Wealth Managers Inc. lessened its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,258 shares of the company's stock after selling 1,931 shares during the period. Valley Wealth Managers Inc.'s holdings in AbbVie were worth $4,488,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its position in AbbVie by 1,745.0% during the 3rd quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company's stock worth $933,698,000 after buying an additional 4,471,806 shares in the last quarter. State Street Corp lifted its position in AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company's stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the period. Assenagon Asset Management S.A. lifted its position in AbbVie by 59.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,096,858 shares of the company's stock valued at $414,088,000 after purchasing an additional 781,858 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AbbVie by 6.1% during the 3rd 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 purchasing an additional 582,953 shares during the period. Finally, Saturna Capital Corp increased its stake in shares of AbbVie by 486.1% in the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company's stock valued at $133,531,000 after acquiring an additional 560,808 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent analyst reports. Leerink Partners raised AbbVie from a "market perform" rating to an "outperform" rating and set a $206.00 price target for the company in a research note on Friday, November 22nd. Piper Sandler Companies reaffirmed an "overweight" rating and issued a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. Raymond James reaffirmed an "outperform" rating and issued a $220.00 price target (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Argus raised AbbVie from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. Finally, Wells Fargo & Company increased their target price on AbbVie from $195.00 to $210.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Five research 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $208.35.

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.25% of the company's stock.

AbbVie Price Performance

AbbVie stock traded up $1.15 during midday trading on Friday, reaching $202.03. The company's stock had a trading volume of 5,879,957 shares, compared to its average volume of 5,841,370. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 17.94. The business has a 50-day moving average price of $180.68 and a 200-day moving average price of $186.29. The stock has a market cap of $356.64 billion, a PE ratio of 84.18, a price-to-earnings-growth ratio of 1.58 and a beta of 0.58.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The company reported $2.16 EPS 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 business earned $2.79 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 12.32 EPS for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's payout ratio is 273.33%.

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.