Channing Capital Management LLC Has $9.14 Million Stake in AbbVie Inc. (NYSE:ABBV)

Channing Capital Management LLC lifted its holdings in AbbVie Inc. (NYSE:ABBV) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,986 shares of the company’s stock after acquiring an additional 3,152 shares during the quarter. Channing Capital Management LLC’s holdings in AbbVie were worth $9,141,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. TCI Wealth Advisors Inc. raised its position in AbbVie by 1.0% in the 4th quarter. TCI Wealth Advisors Inc. now owns 17,043 shares of the company’s stock valued at $2,641,000 after purchasing an additional 165 shares during the last quarter. SYM FINANCIAL Corp increased its stake in shares of AbbVie by 7.7% in the fourth quarter. SYM FINANCIAL Corp now owns 1,652 shares of the company’s stock valued at $256,000 after buying an additional 118 shares in the last quarter. Connecticut Wealth Management LLC raised its holdings in shares of AbbVie by 14.1% in the fourth quarter. Connecticut Wealth Management LLC now owns 2,013 shares of the company’s stock valued at $312,000 after buying an additional 248 shares during the last quarter. Avidian Wealth Solutions LLC lifted its position in AbbVie by 4.1% during the 4th quarter. Avidian Wealth Solutions LLC now owns 14,357 shares of the company’s stock worth $2,225,000 after buying an additional 564 shares in the last quarter. Finally, Avalon Trust Co grew its holdings in AbbVie by 8.9% during the 4th quarter. Avalon Trust Co now owns 4,050 shares of the company’s stock worth $628,000 after acquiring an additional 330 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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 value of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $178.79, for a total value of $10,539,491.71. Following the sale, the executive vice president now directly owns 60,941 shares of the company’s stock, valued at approximately $10,895,641.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the 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 of the company’s stock, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock valued at $67,780,003 in the last quarter. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ABBV. Raymond James boosted their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Barclays reduced their price objective on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Finally, BMO Capital Markets decreased their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Three 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.31.

AbbVie Trading Up 1.9 %

NYSE ABBV traded up $2.98 on Friday, reaching $163.79. The company had a trading volume of 5,850,102 shares, compared to its average volume of 5,457,836. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The stock’s 50 day moving average is $173.13 and its 200-day moving average is $161.39. 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 stock has a market cap of $290.01 billion, a price-to-earnings ratio of 48.60, a PEG ratio of 2.07 and a beta of 0.61.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. The company had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. AbbVie’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the business posted $2.46 EPS. Equities analysts predict that AbbVie Inc. will post 11.29 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend 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%.

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.