Corundum Group Inc. Grows Stock Position in AbbVie Inc. (NYSE:ABBV)

Corundum Group Inc. increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 82.8% during the 4th quarter, Holdings Channel reports. The fund owned 9,181 shares of the company’s stock after purchasing an additional 4,159 shares during the quarter. Corundum Group Inc.’s holdings in AbbVie were worth $1,631,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. FLC Capital Advisors increased its holdings in AbbVie by 2.8% in the fourth quarter. FLC Capital Advisors now owns 4,907 shares of the company’s stock valued at $872,000 after buying an additional 135 shares in the last quarter. Stokes Capital Advisors LLC grew its position in shares of AbbVie by 4.5% during the 4th quarter. Stokes Capital Advisors LLC now owns 36,701 shares of the company’s stock valued at $6,522,000 after acquiring an additional 1,594 shares during the period. Baugh & Associates LLC increased its stake in shares of AbbVie by 1.8% in the 4th quarter. Baugh & Associates LLC now owns 45,176 shares of the company’s stock valued at $7,768,000 after purchasing an additional 816 shares in the last quarter. AHL Investment Management Inc. raised its holdings in AbbVie by 0.4% in the 4th quarter. AHL Investment Management Inc. now owns 22,291 shares of the company’s stock worth $3,961,000 after purchasing an additional 91 shares during the period. Finally, Strong Tower Advisory Services boosted its position in AbbVie by 10.3% during the fourth quarter. Strong Tower Advisory Services now owns 11,163 shares of the company’s stock worth $1,984,000 after purchasing an additional 1,044 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ABBV shares. Guggenheim upped their target price on AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Piper Sandler increased their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Barclays boosted their target price on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a report on Thursday, December 5th. Five 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $205.50.

Insider Transactions at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $171.49 on Tuesday. The business’s fifty day simple moving average is $175.78 and its 200-day simple moving average is $184.75. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The firm has a market cap of $303.05 billion, a PE ratio of 59.55, a price-to-earnings-growth ratio of 1.73 and a beta of 0.58. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last announced its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie’s revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted $2.95 earnings per share. Equities analysts forecast that AbbVie Inc. will post 10.06 earnings per share for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.83%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is 215.28%.

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.