Convergence Investment Partners LLC Sells 654 Shares of AbbVie Inc. (NYSE:ABBV)

Convergence Investment Partners LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 2.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,015 shares of the company’s stock after selling 654 shares during the quarter. AbbVie accounts for approximately 1.9% of Convergence Investment Partners LLC’s holdings, making the stock its 8th biggest holding. Convergence Investment Partners LLC’s holdings in AbbVie were worth $3,567,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. RiverFront Investment Group LLC raised its stake in shares of AbbVie by 4.1% in the 4th quarter. RiverFront Investment Group LLC now owns 62,243 shares of the company’s stock valued at $9,646,000 after purchasing an additional 2,449 shares in the last quarter. Paradigm Financial Partners LLC raised its stake in shares of AbbVie by 1.8% in the 4th quarter. Paradigm Financial Partners LLC now owns 6,817 shares of the company’s stock valued at $1,056,000 after purchasing an additional 120 shares in the last quarter. Sargent Investment Group LLC raised its stake in shares of AbbVie by 7.9% in the 4th quarter. Sargent Investment Group LLC now owns 8,569 shares of the company’s stock valued at $1,328,000 after purchasing an additional 625 shares in the last quarter. Stonebrook Private Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at about $407,000. Finally, Principle Wealth Partners LLC raised its stake in shares of AbbVie by 1.5% in the 4th quarter. Principle Wealth Partners LLC now owns 33,755 shares of the company’s stock valued at $5,231,000 after purchasing an additional 488 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock traded down $7.67 on Friday, hitting $159.62. The company had a trading volume of 10,721,740 shares, compared to its average volume of 5,004,945. The business has a 50-day simple moving average of $174.59 and a 200-day simple moving average of $160.82. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The company has a market cap of $282.63 billion, a PE ratio of 47.37, a PEG ratio of 2.03 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business’s revenue was up .7% on a year-over-year basis. During the same period last year, the firm posted $2.46 earnings per share. Research analysts expect that AbbVie Inc. will post 11.19 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Barclays boosted their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Wednesday, March 27th. Guggenheim boosted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Raymond James boosted their price objective on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Finally, Truist Financial upped their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the sale, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 over the last ninety days. 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.