Scissortail Wealth Management LLC Raises Stake in AbbVie Inc. (NYSE:ABBV)

Scissortail Wealth Management LLC boosted its stake in AbbVie Inc. (NYSE:ABBV) by 1,764.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,932 shares of the company’s stock after acquiring an additional 24,541 shares during the quarter. AbbVie comprises about 1.4% of Scissortail Wealth Management LLC’s holdings, making the stock its 23rd largest holding. Scissortail Wealth Management LLC’s holdings in AbbVie were worth $4,251,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Altfest L J & Co. Inc. raised its position in shares of AbbVie by 0.9% in the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock valued at $3,480,000 after purchasing an additional 215 shares in the last quarter. Torray Investment Partners LLC raised its position in shares of AbbVie by 13.0% in the 3rd quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after purchasing an additional 2,446 shares in the last quarter. Retirement Planning Co of New England Inc. raised its position in shares of AbbVie by 21.3% in the 3rd quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after purchasing an additional 4,633 shares in the last quarter. Amplius Wealth Advisors LLC raised its position in shares of AbbVie by 17.6% in the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after purchasing an additional 400 shares in the last quarter. Finally, Synovus Financial Corp raised its position in shares of AbbVie by 5.4% in the 3rd quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock valued at $17,709,000 after purchasing an additional 6,139 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE ABBV traded up $0.87 during trading on Tuesday, hitting $162.54. The company’s stock had a trading volume of 4,881,176 shares, compared to its average volume of 5,663,454. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The firm has a 50 day moving average price of $176.23 and a 200 day moving average price of $159.81. The firm has a market cap of $287.80 billion, a P/E ratio of 59.91, a price-to-earnings-growth ratio of 2.07 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 issued its quarterly earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. The company 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 company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.60 EPS. Equities research analysts forecast that AbbVie Inc. will post 11.11 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is presently 227.11%.

Analysts Set New Price Targets

A number of brokerages have issued reports on ABBV. HSBC lowered AbbVie from a “buy” rating to a “hold” rating and cut their target price for the company from $167.00 to $156.00 in a research report on Monday, December 18th. BMO Capital Markets upped their price target on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Guggenheim upped their price target on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Barclays upped their price target on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Wednesday, March 27th. Finally, Truist Financial upped their price target on AbbVie from $180.00 to $195.00 and gave the company 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $177.43.

Insider Activity

In other news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction on 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 transaction, the chief financial officer now owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 383,324 shares of company stock worth $67,780,003. Company insiders own 0.25% of the company’s stock.

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.