Adirondack Trust Co. Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Adirondack Trust Co. lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,177 shares of the company’s stock after selling 63 shares during the period. AbbVie comprises about 1.1% of Adirondack Trust Co.’s holdings, making the stock its 23rd largest position. Adirondack Trust Co.’s holdings in AbbVie were worth $2,875,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in ABBV. Atlanta Consulting Group Advisors LLC acquired a new position in shares of AbbVie during the third quarter worth about $999,000. Saturna Capital Corp boosted its position in shares of AbbVie by 486.1% during the 3rd quarter. Saturna Capital Corp now owns 676,176 shares of the company’s stock worth $133,531,000 after purchasing an additional 560,808 shares in the last quarter. Everence Capital Management Inc. grew its position in AbbVie by 41.3% during the fourth quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock worth $9,448,000 after buying an additional 15,550 shares during the period. GAMMA Investing LLC grew its holdings in shares of AbbVie by 9.5% in the 4th quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock worth $7,011,000 after acquiring an additional 3,439 shares during the period. Finally, Avior Wealth Management LLC increased its position in shares of AbbVie by 23.5% in the third quarter. Avior Wealth Management LLC now owns 56,556 shares of the company’s stock valued at $11,169,000 after buying an additional 10,768 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at $1,202,751.92. The trade was a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ABBV shares. Piper Sandler Companies reissued an “overweight” rating and set a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. Citigroup dropped their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Daiwa Capital Markets lowered AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research report on Thursday, December 5th. Piper Sandler raised their target price on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Leerink Partnrs upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $205.50.

AbbVie Stock Performance

ABBV stock opened at $170.42 on Friday. The firm has a market cap of $301.15 billion, a P/E ratio of 59.17, a P/E/G ratio of 1.71 and a beta of 0.58. The stock’s 50 day simple moving average is $175.72 and its 200 day simple moving average is $184.73. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $207.32.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. During the same period in the previous year, the firm posted $2.95 earnings per share. AbbVie’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts predict that AbbVie Inc. will post 10.06 EPS for the current year.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.85%. AbbVie’s dividend payout ratio is 227.78%.

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.