AbbVie Inc. (NYSE:ABBV) Position Reduced by Everett Harris & Co. CA

Everett Harris & Co. CA trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 537,076 shares of the company’s stock after selling 3,933 shares during the quarter. AbbVie accounts for 1.2% of Everett Harris & Co. CA’s portfolio, making the stock its 21st largest position. Everett Harris & Co. CA’s holdings in AbbVie were worth $83,231,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Accel Wealth Management lifted its position in shares of AbbVie by 2.5% in the fourth quarter. Accel Wealth Management now owns 4,632 shares of the company’s stock worth $718,000 after purchasing an additional 115 shares in the last quarter. Trueblood Wealth Management LLC purchased a new stake in shares of AbbVie in the fourth quarter worth approximately $1,027,000. Morton Capital Management LLC CA raised its position in AbbVie by 2.0% during the fourth quarter. Morton Capital Management LLC CA now owns 9,648 shares of the company’s stock valued at $1,495,000 after acquiring an additional 186 shares in the last quarter. Good Life Advisors LLC raised its position in AbbVie by 5.2% during the fourth quarter. Good Life Advisors LLC now owns 45,251 shares of the company’s stock valued at $7,013,000 after acquiring an additional 2,228 shares in the last quarter. Finally, Successful Portfolios LLC raised its position in AbbVie by 5.3% during the fourth quarter. Successful Portfolios LLC now owns 7,598 shares of the company’s stock valued at $1,177,000 after acquiring an additional 385 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

AbbVie stock traded up $1.16 on Wednesday, hitting $180.35. The company’s stock had a trading volume of 5,056,429 shares, compared to its average volume of 5,701,182. The firm has a market cap of $319.34 billion, a P/E ratio of 66.06, a price-to-earnings-growth ratio of 2.27 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The company has a fifty day moving average price of $174.15 and a 200-day moving average price of $157.81. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, beating the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the company earned $3.60 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 11.15 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared 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 of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.44%. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Analyst Ratings Changes

Several equities analysts recently weighed in on ABBV shares. Guggenheim raised their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. The Goldman Sachs Group upgraded AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 price target on the stock in a report on Monday, December 11th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Raymond James increased their price target on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Finally, Barclays increased their price target on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $177.43.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $2,509,001.60. Following the sale, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock worth $67,780,003 in the last 90 days. Corporate 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.