Clarity Wealth Development LLC Takes Position in AbbVie Inc. (NYSE:ABBV)

Clarity Wealth Development LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,186 shares of the company’s stock, valued at approximately $218,000.

Other hedge funds have also bought and sold shares of the company. Groupama Asset Managment increased its position in shares of AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new position in AbbVie during the third quarter valued at about $28,000. Fiduciary Advisors Inc. purchased a new stake in AbbVie during the fourth quarter worth about $29,000. Promus Capital LLC bought a new stake in AbbVie in the fourth quarter worth about $30,000. Finally, Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie in the fourth quarter valued at about $31,000. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ABBV shares. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective for the company in a report on Friday, November 22nd. Morgan Stanley boosted their target price on AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. BMO Capital Markets increased their price target on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Finally, Guggenheim boosted their price objective on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $211.45.

Insiders Place Their Bets

In related news, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. This trade represents a 20.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company’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 owns 11,496 shares of the company’s stock, valued at approximately $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. Insiders sold a total of 54,639 shares of company stock valued at $11,067,025 over the last 90 days. Insiders own 0.25% of the company’s stock.

AbbVie Stock Up 1.3 %

Shares of NYSE ABBV opened at $214.45 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The business has a 50-day moving average of $191.78 and a 200-day moving average of $188.18. The firm has a market capitalization of $378.57 billion, a price-to-earnings ratio of 89.35, a PEG ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66.

AbbVie (NYSE:ABBV) last released 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 return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the previous year, the firm posted $2.79 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) 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.