Gray Wealth Management Inc. Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Gray Wealth Management Inc. cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 19.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,694 shares of the company’s stock after selling 913 shares during the quarter. Gray Wealth Management Inc.’s holdings in AbbVie were worth $573,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Moneta Group Investment Advisors LLC grew its position in shares of AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares in the last quarter. Norges Bank bought a new position in AbbVie during the fourth quarter valued at approximately $3,033,348,000. Massachusetts Financial Services Co. MA grew its holdings in AbbVie by 29,922.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock valued at $899,186,000 after buying an additional 6,012,281 shares in the last quarter. Morgan Stanley increased its stake in AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after acquiring an additional 4,785,277 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of AbbVie by 426.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after acquiring an additional 3,768,579 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 21,082 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the sale, the executive vice president now owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock worth $67,780,003 over the last 90 days. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Up 0.2 %

NYSE:ABBV traded up $0.41 during midday trading on Thursday, hitting $164.66. The stock had a trading volume of 4,479,334 shares, compared to its average volume of 5,637,507. The stock has a 50-day moving average of $175.79 and a 200 day moving average of $159.94. The company has a market capitalization of $291.56 billion, a price-to-earnings ratio of 60.89, a PEG ratio of 2.09 and a beta of 0.58. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. The business had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.60 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 11.17 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Raymond James raised their target price on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Barclays upped their target price 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. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. BMO Capital Markets upped their price objective on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Finally, Guggenheim lifted their target price on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $177.43.

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.