Cary Street Partners Asset Management LLC Sells 1,080 Shares of AbbVie Inc. (NYSE:ABBV)

Cary Street Partners Asset Management LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 4.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,645 shares of the company’s stock after selling 1,080 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in AbbVie were worth $3,664,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. PYA Waltman Capital LLC lifted its holdings in AbbVie by 14.0% in the 4th quarter. PYA Waltman Capital LLC now owns 15,806 shares of the company’s stock worth $2,449,000 after buying an additional 1,939 shares during the period. Fiducient Advisors LLC lifted its holdings in AbbVie by 22.1% in the 4th quarter. Fiducient Advisors LLC now owns 6,404 shares of the company’s stock worth $992,000 after buying an additional 1,160 shares during the period. Paces Ferry Wealth Advisors LLC lifted its holdings in AbbVie by 13.4% in the 4th quarter. Paces Ferry Wealth Advisors LLC now owns 2,472 shares of the company’s stock worth $383,000 after buying an additional 293 shares during the period. Mach 1 Financial Group LLC lifted its holdings in AbbVie by 28.7% in the 4th quarter. Mach 1 Financial Group LLC now owns 18,798 shares of the company’s stock worth $2,913,000 after buying an additional 4,187 shares during the period. Finally, Savant Capital LLC lifted its holdings in AbbVie by 0.4% in the 4th quarter. Savant Capital LLC now owns 137,858 shares of the company’s stock worth $21,364,000 after buying an additional 529 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In related news, EVP Jeffrey Ryan Stewart sold 58,949 shares of AbbVie stock in a transaction on Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the transaction, the executive vice president now directly owns 60,941 shares in the company, valued at $10,895,641.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Jeffrey Ryan Stewart sold 58,949 shares of AbbVie stock in a transaction on Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the transaction, the executive vice president now directly owns 60,941 shares in the company, valued at $10,895,641.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares in the company, valued at $92,020,679.73. The disclosure for this sale can be found here. Over the last three months, insiders have sold 383,324 shares of company stock worth $67,780,003. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on ABBV. Raymond James increased their price objective on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. BMO Capital Markets lowered their target price on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday. Truist Financial raised their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Finally, Barclays lowered their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $174.31.

AbbVie Stock Up 0.5 %

Shares of AbbVie stock traded up $0.75 on Wednesday, reaching $163.39. The company’s stock had a trading volume of 1,188,677 shares, compared to its average volume of 5,607,111. The company has a market capitalization of $289.31 billion, a price-to-earnings ratio of 48.27, a P/E/G ratio of 2.04 and a beta of 0.58. The firm’s fifty day simple moving average is $174.01 and its two-hundred day simple moving average is $161.10. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm had revenue of $12.31 billion for the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the business posted $2.46 EPS. Equities analysts anticipate that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.79%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.