Rockefeller Capital Management L.P. Trims Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Rockefeller Capital Management L.P. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 763,377 shares of the company’s stock after selling 66,500 shares during the period. Rockefeller Capital Management L.P.’s holdings in AbbVie were worth $135,659,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Quantbot Technologies LP increased its position in shares of AbbVie by 35.8% in the fourth quarter. Quantbot Technologies LP now owns 1,047 shares of the company’s stock worth $186,000 after purchasing an additional 276 shares during the last quarter. Everence Capital Management Inc. grew its stake in AbbVie by 41.3% in the 4th quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock worth $9,448,000 after buying an additional 15,550 shares in the last quarter. GAMMA Investing LLC grew its stake in AbbVie by 9.5% in the 4th quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock worth $7,011,000 after buying an additional 3,439 shares in the last quarter. Sky Investment Group LLC raised its position in shares of AbbVie by 10.1% during the 4th quarter. Sky Investment Group LLC now owns 42,715 shares of the company’s stock valued at $7,590,000 after buying an additional 3,936 shares in the last quarter. Finally, Wedmont Private Capital lifted its holdings in shares of AbbVie by 16.5% during the 4th quarter. Wedmont Private Capital now owns 25,822 shares of the company’s stock worth $4,523,000 after acquiring an additional 3,654 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ABBV shares. Piper Sandler Companies reiterated an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. Bank of America boosted their price target on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Citigroup upped their target price on AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, Wells Fargo & Company increased their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $210.71.

Insider Activity at AbbVie

In related news, EVP Perry C. Siatis sold 5,778 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the transaction, the executive vice president now directly owns 22,381 shares in the company, valued at approximately $4,429,199.90. This represents a 20.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,471 shares of company stock valued at $23,426,451. Insiders own 0.25% of the company’s stock.

AbbVie Stock Up 0.4 %

ABBV opened at $174.90 on Friday. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The firm’s 50 day simple moving average is $200.16 and its two-hundred day simple moving average is $188.49. 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 company has a market capitalization of $309.39 billion, a PE ratio of 72.87, a PEG ratio of 1.62 and a beta of 0.55.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share 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 prior year, the business earned $2.79 earnings per share. As a group, equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared 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. This represents a $6.56 dividend on an annualized basis and a yield of 3.75%. 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.