Addison Capital Co Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Addison Capital Co trimmed its position in AbbVie Inc. (NYSE:ABBV) by 2.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 6,995 shares of the company’s stock after selling 197 shares during the period. Addison Capital Co’s holdings in AbbVie were worth $1,243,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Swedbank AB increased its stake in AbbVie by 0.3% in the third 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 during the last quarter. Howard Capital Management Group LLC increased its stake in shares of AbbVie by 20.3% during the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock valued at $397,000 after acquiring an additional 339 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of AbbVie by 12.3% during the 3rd quarter. Principal Financial Group Inc. now owns 2,487,363 shares of the company’s stock valued at $491,204,000 after acquiring an additional 273,078 shares during the last quarter. United Bank purchased a new position in shares of AbbVie during the 3rd quarter worth about $217,000. Finally, Entropy Technologies LP purchased a new stake in AbbVie in the third quarter valued at approximately $250,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In other news, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kevin K. Buckbee sold 18,944 shares of the business’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 sale, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at approximately $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,639 shares of company stock valued at $11,067,025. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on ABBV. Guggenheim increased their price target on shares of AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Raymond James reiterated an “outperform” rating and issued a $220.00 target price (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Morgan Stanley upped their price target on AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Truist Financial lifted their price objective on AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Finally, UBS Group raised their price target on shares of AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $211.45.

AbbVie Trading Up 0.2 %

ABBV opened at $211.90 on Monday. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $218.66. 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 stock has a market capitalization of $374.07 billion, a PE ratio of 88.29, a P/E/G ratio of 1.62 and a beta of 0.61. The firm’s fifty day moving average price is $191.09 and its 200 day moving average price is $188.05.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate 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 prior year, the firm posted $2.79 EPS. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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 issued a $1.64 dividend. 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 dividend payout ratio (DPR) 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.