Bar Harbor Wealth Management Sells 525 Shares of AbbVie Inc. (NYSE:ABBV)

Bar Harbor Wealth Management lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,989 shares of the company’s stock after selling 525 shares during the quarter. Bar Harbor Wealth Management’s holdings in AbbVie were worth $14,036,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC boosted its position in AbbVie by 1,745.0% during the third quarter. International Assets Investment Management LLC now owns 4,728,063 shares of the company’s stock valued at $933,698,000 after purchasing an additional 4,471,806 shares in the last quarter. State Street Corp boosted its holdings in shares of AbbVie by 1.6% in the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after buying an additional 1,267,685 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of AbbVie by 59.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,096,858 shares of the company’s stock worth $414,088,000 after buying an additional 781,858 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of AbbVie by 7.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,841,189 shares of the company’s stock worth $1,516,358,000 after acquiring an additional 623,569 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in AbbVie by 6.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock valued at $2,009,542,000 after acquiring an additional 582,953 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ABBV has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of AbbVie to $195.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. UBS Group raised their price target on AbbVie from $195.00 to $200.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. 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. Finally, Sanford C. Bernstein assumed coverage on shares of AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $205.50.

AbbVie Stock Performance

Shares of ABBV stock opened at $176.94 on Tuesday. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $207.32. 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 stock has a market cap of $312.68 billion, a PE ratio of 61.44, a price-to-earnings-growth ratio of 1.92 and a beta of 0.58. The business has a 50-day simple moving average of $178.00 and a 200-day simple moving average of $184.61.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.95 earnings per share. On average, equities analysts expect that AbbVie Inc. will post 10.96 EPS for the current year.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.71%. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is currently 227.78%.

Insider Buying and Selling at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s 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 sale, the senior vice president now directly owns 6,983 shares in the company, valued at $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

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.