Tyche Wealth Partners LLC Makes New $2.19 Million Investment in AbbVie Inc. (NYSE:ABBV)

Tyche Wealth Partners LLC bought a new position in AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 14,146 shares of the company’s stock, valued at approximately $2,192,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted 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 purchasing an additional 29,170,366 shares during the last quarter. Norges Bank acquired a new position in shares of AbbVie in the 4th quarter valued at $3,033,348,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 acquiring an additional 6,012,281 shares in the last quarter. Morgan Stanley lifted its holdings in shares of AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after acquiring an additional 4,785,277 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted 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 valued at $754,155,000 after acquiring an additional 3,768,579 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were 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 in the company, valued at approximately $1,233,546.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s 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 completion of 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. Over the last ninety days, insiders sold 383,324 shares of company stock worth $67,780,003. Corporate insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of AbbVie stock traded up $0.87 on Tuesday, hitting $162.54. The company had a trading volume of 4,881,176 shares, compared to its average volume of 5,663,454. The business has a 50-day simple moving average of $176.23 and a 200-day simple moving average of $159.81. 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 $287.80 billion, a PE ratio of 59.91, a PEG 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 earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.03. The firm had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period last year, the firm posted $3.60 earnings per share. Research analysts expect that AbbVie Inc. will post 11.11 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ABBV shares. Barclays lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. BMO Capital Markets boosted their target price on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Truist Financial increased their price objective on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Raymond James increased their price objective on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.43.

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.