Alpha Omega Wealth Management LLC Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Alpha Omega Wealth Management LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,877 shares of the company’s stock after selling 1,176 shares during the period. AbbVie makes up 1.5% of Alpha Omega Wealth Management LLC’s portfolio, making the stock its 7th biggest position. Alpha Omega Wealth Management LLC’s holdings in AbbVie were worth $9,279,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Altfest L J & Co. Inc. increased its position in shares of AbbVie by 0.9% during the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock worth $3,480,000 after purchasing an additional 215 shares during the last quarter. Torray Investment Partners LLC boosted its stake in AbbVie by 13.0% in the 3rd quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after purchasing an additional 2,446 shares during the period. Retirement Planning Co of New England Inc. boosted its stake in AbbVie by 21.3% in the 3rd quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after purchasing an additional 4,633 shares during the period. Amplius Wealth Advisors LLC boosted its stake in AbbVie by 17.6% in the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after purchasing an additional 400 shares during the period. Finally, Synovus Financial Corp lifted its position in shares of AbbVie by 5.4% during the 3rd quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock valued at $17,709,000 after acquiring an additional 6,139 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the transaction, the chief financial officer now owns 27,065 shares in the company, valued at approximately $4,802,413.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 over the last 90 days. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock traded up $0.87 during trading hours on Wednesday, reaching $162.54. The company had a trading volume of 4,881,516 shares, compared to its average volume of 5,260,014. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The business has a fifty day simple moving average of $176.01 and a 200 day simple moving average of $159.91. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The firm has a market cap of $287.80 billion, a PE ratio of 59.54, a price-to-earnings-growth ratio of 2.09 and a beta of 0.58.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.03. The company had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the company earned $3.60 earnings per share. On average, analysts anticipate that AbbVie Inc. will post 11.12 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is currently 227.11%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Barclays boosted their price target on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Wednesday, March 27th. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Truist Financial boosted their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. BMO Capital Markets upped their target price on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Finally, Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

AbbVie 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.