AbbVie Inc. (NYSE:ABBV) Shares Sold by Summit Global Investments

Summit Global Investments decreased its position in AbbVie Inc. (NYSE:ABBV) by 10.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,056 shares of the company’s stock after selling 6,530 shares during the quarter. Summit Global Investments’ holdings in AbbVie were worth $8,997,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Aveo Capital Partners LLC increased its stake in AbbVie by 5.1% in the fourth quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock valued at $666,000 after purchasing an additional 210 shares during the last quarter. Westover Capital Advisors LLC grew its position in shares of AbbVie by 4.3% during the fourth quarter. Westover Capital Advisors LLC now owns 9,170 shares of the company’s stock worth $1,421,000 after acquiring an additional 380 shares during the last quarter. Beacon Harbor Wealth Advisors Inc. grew its position in shares of AbbVie by 2.3% during the fourth quarter. Beacon Harbor Wealth Advisors Inc. now owns 37,552 shares of the company’s stock worth $5,819,000 after acquiring an additional 850 shares during the last quarter. Los Angeles Capital Management LLC grew its position in shares of AbbVie by 69.3% during the fourth quarter. Los Angeles Capital Management LLC now owns 316,120 shares of the company’s stock worth $48,989,000 after acquiring an additional 129,355 shares during the last quarter. Finally, Natixis Advisors L.P. grew its position in shares of AbbVie by 10.1% during the fourth quarter. Natixis Advisors L.P. now owns 996,425 shares of the company’s stock worth $154,415,000 after acquiring an additional 91,525 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ABBV shares. Raymond James raised their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Barclays decreased their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday. BMO Capital Markets decreased their price target on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday. Guggenheim increased their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.31.

AbbVie Price Performance

AbbVie stock traded down $1.20 during midday trading on Thursday, reaching $160.52. 4,078,815 shares of the company were exchanged, compared to its average volume of 5,635,211. The company has a market capitalization of $284.22 billion, a price-to-earnings ratio of 47.33, a P/E/G ratio of 2.04 and a beta of 0.61. The firm’s 50-day simple moving average is $173.74 and its 200-day simple moving average is $161.10. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 26th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The firm 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%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter last year, the business posted $2.46 EPS. On average, analysts anticipate that AbbVie Inc. will post 11.3 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared 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. This represents a $6.20 annualized dividend and a yield of 3.86%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of AbbVie stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the completion of the sale, the chief financial officer now owns 27,065 shares in the company, valued at approximately $4,802,413.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now owns 27,065 shares in the company, valued at approximately $4,802,413.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 sale, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 in the last 90 days. 0.25% of the stock is owned by company insiders.

AbbVie 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.