Groesbeck Investment Management Corp NJ Sells 2,600 Shares of AbbVie Inc. (NYSE:ABBV)

Groesbeck Investment Management Corp NJ lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 21.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,363 shares of the company’s stock after selling 2,600 shares during the quarter. AbbVie makes up approximately 2.0% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 14th largest holding. Groesbeck Investment Management Corp NJ’s holdings in AbbVie were worth $1,451,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ABBV. Hibernia Wealth Partners LLC acquired a new stake in AbbVie during the 3rd quarter valued at approximately $36,000. PCA Investment Advisory Services Inc. acquired a new stake in shares of AbbVie during the 2nd quarter worth approximately $38,000. True Wealth Design LLC acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $39,000. Blue Bell Private Wealth Management LLC grew its position in shares of AbbVie by 39.5% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 286 shares of the company’s stock worth $43,000 after buying an additional 81 shares during the period. Finally, Horrell Capital Management Inc. acquired a new stake in shares of AbbVie during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $1.58 during mid-day trading on Thursday, reaching $165.83. 1,825,532 shares of the company’s stock were exchanged, compared to its average volume of 5,600,526. The firm has a market capitalization of $293.63 billion, a price-to-earnings ratio of 60.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. 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 50-day moving average price of $175.79 and a two-hundred day moving average price of $159.94.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. The company had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.60 EPS. Analysts predict that AbbVie Inc. will post 11.17 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s payout ratio is 227.11%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ABBV. Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Raymond James raised their price objective on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Truist Financial raised their price objective on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Finally, BMO Capital Markets increased 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. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $177.43.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the sale, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Jeffrey Ryan Stewart sold 58,949 shares of AbbVie stock in a transaction dated Monday, March 18th. The stock was 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Insiders have sold 383,324 shares of company stock worth $67,780,003 in the last ninety days. Company insiders own 0.25% of the company’s stock.

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.