Carmel Capital Partners LLC Sells 306 Shares of AbbVie Inc. (NYSE:ABBV)

Carmel Capital Partners LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 3,746 shares of the company’s stock after selling 306 shares during the quarter. Carmel Capital Partners LLC’s holdings in AbbVie were worth $666,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Groupama Asset Managment raised its holdings in AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC bought a new stake in AbbVie during the 3rd quarter worth about $28,000. Fiduciary Advisors Inc. bought a new stake in AbbVie during the 4th quarter worth about $29,000. Promus Capital LLC bought a new stake in AbbVie during the 4th quarter worth about $30,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie during the 4th quarter worth about $31,000. 70.23% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the sale, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The shares were 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 owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,439 shares of company stock valued at $11,377,057. 0.25% of the stock is owned by insiders.

AbbVie Trading Up 1.9 %

NYSE:ABBV opened at $211.61 on Thursday. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $215.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The business has a 50 day moving average price of $186.27 and a two-hundred day moving average price of $187.31. The company has a market cap of $373.57 billion, a P/E ratio of 88.17, a price-to-earnings-growth ratio of 1.62 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released 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 period last year, the company posted $2.79 EPS. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed 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. This represents a $6.56 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is presently 273.33%.

Analysts Set New Price Targets

Several analysts have weighed in on ABBV shares. Truist Financial boosted their price objective on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Wells Fargo & Company upped their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday. 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. Bank of America upped their price target on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Citigroup upped their price target on AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $211.45.

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.