International Assets Investment Management LLC Sells 4,706,816 Shares of AbbVie Inc. (NYSE:ABBV)

International Assets Investment Management LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 99.6% in the fourth quarter, Holdings Channel reports. The fund owned 21,247 shares of the company’s stock after selling 4,706,816 shares during the quarter. International Assets Investment Management LLC’s holdings in AbbVie were worth $3,813,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Fairway Wealth LLC bought a new position in shares of AbbVie during the 2nd quarter valued at approximately $26,000. Groupama Asset Managment raised its stake in shares of AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after acquiring an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie in the 3rd quarter worth about $28,000. Quest Partners LLC grew its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Finally, Marquette Asset Management LLC purchased a new stake in AbbVie in the 3rd quarter worth about $39,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company raised their price objective on AbbVie to $195.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a research report on Friday, November 22nd. Wolfe Research started coverage on shares of AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 target price on the stock. Truist Financial cut their price target on shares of AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Barclays upped their price objective on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.50.

AbbVie Trading Down 1.1 %

NYSE ABBV traded down $1.89 on Wednesday, reaching $177.64. The stock had a trading volume of 486,373 shares, compared to its average volume of 4,197,568. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32. The stock has a fifty day moving average price of $180.00 and a two-hundred day moving average price of $184.42. The firm has a market capitalization of $313.91 billion, a price-to-earnings ratio of 61.68, a P/E/G ratio of 1.92 and a beta of 0.58. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. During the same period in the prior year, the business earned $2.95 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.69%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date is Wednesday, January 15th. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

Insider Transactions at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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.