SVB Wealth LLC Reduces Stake in AbbVie Inc. (NYSE:ABBV)

SVB Wealth LLC lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 9.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 292,798 shares of the company’s stock after selling 31,013 shares during the quarter. AbbVie comprises 1.1% of SVB Wealth LLC’s investment portfolio, making the stock its 12th biggest holding. SVB Wealth LLC’s holdings in AbbVie were worth $45,375,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of 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 document filed with the SEC, which is available through the SEC website. In other news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie 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 sale, the chief executive officer now owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 21,082 shares of AbbVie stock in a transaction on 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 completion of the transaction, the executive vice president now owns 55,903 shares in the company, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 383,324 shares of company stock valued at $67,780,003. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ABBV shares. Barclays upped their target price on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Wednesday, March 27th. Guggenheim upped their target price on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Truist Financial increased their price objective on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Finally, Raymond James increased their price objective on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $177.43.

AbbVie Price Performance

NYSE ABBV traded down $0.61 during mid-day trading on Monday, hitting $161.67. The stock had a trading volume of 5,433,195 shares, compared to its average volume of 5,675,829. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89. The company has a market cap of $286.26 billion, a price-to-earnings ratio of 59.70, a P/E/G ratio of 2.07 and a beta of 0.58. The company has a 50 day simple moving average of $176.42 and a 200 day simple moving average of $159.75. 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 released its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.03. The firm had revenue of $14.30 billion during 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%. AbbVie’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the business posted $3.60 EPS. Equities analysts forecast that AbbVie Inc. will post 11.11 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.83%. The ex-dividend date is Friday, April 12th. AbbVie’s payout ratio is 227.11%.

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.