Clear Harbor Asset Management LLC Trims Holdings in AbbVie Inc. (NYSE:ABBV)

Clear Harbor Asset Management LLC lowered its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% in the fourth quarter, Holdings Channel reports. The firm owned 33,191 shares of the company’s stock after selling 869 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in AbbVie were worth $5,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of ABBV. Hibernia Wealth Partners LLC acquired a new position in shares of AbbVie in the third quarter valued at approximately $36,000. VitalStone Financial LLC grew its position in AbbVie by 218.4% in the 2nd quarter. VitalStone Financial LLC now owns 242 shares of the company’s stock valued at $33,000 after buying an additional 166 shares during the last quarter. True Wealth Design LLC acquired a new position in AbbVie in the 4th quarter valued at $39,000. KB Financial Partners LLC purchased a new position in AbbVie during the 1st quarter worth $45,000. Finally, PCA Investment Advisory Services Inc. acquired a new stake in shares of AbbVie in the 2nd quarter worth $38,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now directly 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 accessible through this link. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction on 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 completion of the sale, 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 a total of 383,324 shares of company stock valued at $67,780,003 over the last quarter. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV traded up $1.62 during midday trading on Thursday, hitting $181.97. 5,418,371 shares of the stock were exchanged, compared to its average volume of 5,696,566. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $182.89. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The company has a 50 day moving average price of $174.51 and a 200-day moving average price of $157.96. The stock has a market cap of $322.21 billion, a P/E ratio of 66.66, a PEG ratio of 2.28 and a beta of 0.58.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.41%. AbbVie’s dividend payout ratio is currently 227.11%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ABBV. Truist Financial boosted their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Raymond James increased their target price on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note 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 on the stock in a research note on Monday, December 11th. Barclays upped their price objective on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, BMO Capital Markets raised their target price on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $177.43.

AbbVie Company 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.