StrategIQ Financial Group LLC Cuts Position in AbbVie Inc. (NYSE:ABBV)

StrategIQ Financial Group LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 66,065 shares of the company’s stock after selling 1,271 shares during the period. AbbVie comprises about 1.2% of StrategIQ Financial Group LLC’s portfolio, making the stock its 27th biggest position. StrategIQ Financial Group LLC’s holdings in AbbVie were worth $10,238,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Hibernia Wealth Partners LLC acquired a new stake in shares of AbbVie during the third quarter worth $36,000. VitalStone Financial LLC lifted its holdings in shares of AbbVie by 218.4% during the second quarter. VitalStone Financial LLC now owns 242 shares of the company’s stock worth $33,000 after purchasing an additional 166 shares during the period. True Wealth Design LLC acquired a new stake in shares of AbbVie during the fourth quarter worth $39,000. KB Financial Partners LLC acquired a new stake in shares of AbbVie during the first quarter worth $45,000. Finally, PCA Investment Advisory Services Inc. purchased a new position in AbbVie in the second quarter worth $38,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial increased their price objective on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. BMO Capital Markets increased their price objective on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. The Goldman Sachs Group upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 price target for the company in a research report on Monday, December 11th. Finally, HSBC cut AbbVie from a “buy” rating to a “hold” rating and dropped their price target for the company from $167.00 to $156.00 in a research report on Monday, December 18th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $177.43.

Check Out Our Latest Research Report on AbbVie

Insider Buying and Selling

In other news, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the sale, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Richard A. Gonzalez sold 138,616 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the sale, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $178.79, for a total value of $10,539,491.71. Following the completion of the sale, the executive vice president now owns 60,941 shares of the company’s stock, valued at approximately $10,895,641.39. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock worth $67,780,003 in the last three months. 0.25% of the stock is owned by insiders.

AbbVie Stock Down 0.9 %

AbbVie stock traded down $1.63 during midday trading on Wednesday, hitting $179.06. 1,010,415 shares of the company were exchanged, compared to its average volume of 5,566,935. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $182.89. The company’s fifty day moving average price is $175.80 and its 200-day moving average price is $158.87. The company has a market cap of $317.05 billion, a PE ratio of 65.70, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58.

AbbVie (NYSE:ABBVGet Free Report) last posted its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The company had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the previous year, the business earned $3.60 EPS. AbbVie’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, research analysts predict that AbbVie Inc. will post 11.15 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.46%. AbbVie’s payout ratio is currently 227.11%.

About AbbVie

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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