Mission Wealth Management LP Raises Holdings in AbbVie Inc. (NYSE:ABBV)

Mission Wealth Management LP boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 6.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 37,487 shares of the company’s stock after acquiring an additional 2,208 shares during the period. Mission Wealth Management LP’s holdings in AbbVie were worth $5,809,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Aspen Wealth Strategies LLC increased its holdings in shares of AbbVie by 0.5% in the 4th quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after acquiring an additional 61 shares during the last quarter. Marks Group Wealth Management Inc increased its holdings in shares of AbbVie by 2.9% in the 4th quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after acquiring an additional 63 shares during the last quarter. Avion Wealth increased its holdings in shares of AbbVie by 11.9% in the 4th quarter. Avion Wealth now owns 612 shares of the company’s stock valued at $95,000 after acquiring an additional 65 shares during the last quarter. White Pine Capital LLC increased its holdings in shares of AbbVie by 1.2% in the 4th quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock valued at $852,000 after acquiring an additional 65 shares during the last quarter. Finally, First Bank & Trust increased its holdings in shares of AbbVie by 0.4% in the 4th quarter. First Bank & Trust now owns 18,125 shares of the company’s stock valued at $2,809,000 after acquiring an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of recent analyst reports. Truist Financial increased their price objective on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. Barclays dropped their price target on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a research note on Monday. Raymond James raised their price target on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Finally, Guggenheim raised their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Three 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $174.31.

AbbVie Price Performance

Shares of ABBV traded up $1.12 during mid-day trading on Tuesday, hitting $162.64. The company’s stock had a trading volume of 5,479,417 shares, compared to its average volume of 5,662,850. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The firm has a 50-day simple moving average of $174.27 and a 200 day simple moving average of $161.00. The firm has a market capitalization of $287.98 billion, a P/E ratio of 48.08, a P/E/G ratio of 2.03 and a beta of 0.58. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $2.46 EPS. Analysts predict that AbbVie Inc. will post 11.19 EPS for the current fiscal year.

AbbVie Announces Dividend

The company 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 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s payout ratio is currently 183.98%.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,233,546.95. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock valued at $67,780,003 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

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.