NJ State Employees Deferred Compensation Plan lessened its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 17.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,964 shares of the company’s stock after selling 4,000 shares during the quarter. NJ State Employees Deferred Compensation Plan’s holdings in AbbVie were worth $2,939,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. Meritage Portfolio Management boosted its stake in AbbVie by 24.2% in the fourth quarter. Meritage Portfolio Management now owns 4,558 shares of the company’s stock valued at $706,000 after acquiring an additional 888 shares in the last quarter. Pittenger & Anderson Inc. raised its stake in AbbVie by 117.7% in the 4th quarter. Pittenger & Anderson Inc. now owns 20,305 shares of the company’s stock worth $3,147,000 after acquiring an additional 10,976 shares during the last quarter. Disciplined Equity Management Inc. purchased a new position in shares of AbbVie in the fourth quarter worth about $77,000. BIP Wealth LLC increased its holdings in AbbVie by 22.6% in the 4th quarter. BIP Wealth LLC now owns 2,661 shares of the company’s stock worth $412,000 after buying an additional 490 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. lifted its stake in AbbVie by 4.9% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 40,784 shares of the company’s stock valued at $6,320,000 after acquiring an additional 1,893 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the company’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 completion of the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,233,546.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is owned by corporate insiders.
AbbVie Trading Down 4.6 %
AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.11. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business had revenue of $12.31 billion for the quarter, compared to analysts’ expectations of $11.93 billion. During the same quarter in the prior year, the company earned $2.46 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. Sell-side analysts predict that AbbVie Inc. will post 11.19 earnings per share for the current fiscal year.
AbbVie Announces Dividend
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 paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s payout ratio is 227.11%.
Analyst Ratings Changes
ABBV has been the subject of several recent research reports. Truist Financial raised their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Guggenheim lifted 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 objective on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 27th. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Finally, Raymond James raised their price target 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. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $177.43.
View Our Latest Report on ABBV
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.
Further Reading
- Five stocks we like better than AbbVie
- How to Invest in Insurance Companies: A Guide
- 3 Stocks Leading the U.S. Agriculture Comeback
- What is the Nikkei 225 index?
- How to Use Put Debit Spreads to Profit From Falling Stocks
- How Can Retail Investors Trade the Toronto Stock Exchange (TSX)?
- Alphabet Changes the Narrative with Its First-Ever Dividend
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.