Summitry LLC Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Summitry LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 15.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,525 shares of the company’s stock after selling 638 shares during the quarter. Summitry LLC’s holdings in AbbVie were worth $626,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. RPg Family Wealth Advisory LLC bought a new stake in AbbVie during the third quarter valued at $28,000. Fiduciary Advisors Inc. purchased a new stake in shares of AbbVie in the 4th quarter valued at about $29,000. Promus Capital LLC bought a new stake in shares of AbbVie during the 4th quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter worth about $31,000. Finally, Retirement Wealth Solutions LLC bought a new position in shares of AbbVie in the fourth quarter worth approximately $35,000. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This trade represents a 20.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,639 shares of company stock valued at $11,067,025. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research reports. UBS Group boosted their price target on shares of AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Piper Sandler Companies reiterated an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. Guggenheim increased their target price on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Truist Financial lifted their price target on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Finally, BMO Capital Markets increased their price objective on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $211.45.

AbbVie Stock Performance

AbbVie stock opened at $201.12 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The firm has a market cap of $355.05 billion, a P/E ratio of 83.80, a P/E/G ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The firm has a 50-day moving average of $195.65 and a 200-day moving average of $188.78.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the previous year, the firm posted $2.79 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.26%. AbbVie’s dividend payout ratio is 273.33%.

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.