Modern Wealth Management LLC Acquires 19,086 Shares of AbbVie Inc. (NYSE:ABBV)

Modern Wealth Management LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 63.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,353 shares of the company’s stock after acquiring an additional 19,086 shares during the period. Modern Wealth Management LLC’s holdings in AbbVie were worth $9,394,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Everence Capital Management Inc. increased its position in shares of AbbVie by 41.3% during the fourth quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock valued at $9,448,000 after acquiring an additional 15,550 shares during the last quarter. GAMMA Investing LLC increased its position in shares of AbbVie by 9.5% during the 4th quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock valued at $7,011,000 after purchasing an additional 3,439 shares during the last quarter. State Street Corp raised its stake in shares of AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock worth $15,614,329,000 after purchasing an additional 1,267,685 shares during the period. Sky Investment Group LLC boosted its holdings in shares of AbbVie by 10.1% in the 4th quarter. Sky Investment Group LLC now owns 42,715 shares of the company’s stock worth $7,590,000 after buying an additional 3,936 shares during the last quarter. Finally, Wedmont Private Capital grew its position in AbbVie by 16.5% during the fourth quarter. Wedmont Private Capital now owns 25,822 shares of the company’s stock valued at $4,523,000 after buying an additional 3,654 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In related news, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. This trade represents a 20.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Timothy J. Richmond sold 29,917 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares in the company, valued at $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,639 shares of company stock valued at $11,067,025. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ABBV shares. Bank of America raised their price target on shares of AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Guggenheim raised their target price on AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Wells Fargo & Company increased their price target on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Daiwa America cut AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Finally, Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

AbbVie Stock Down 0.4 %

ABBV opened at $209.25 on Tuesday. The company has a market capitalization of $369.40 billion, a PE ratio of 87.19, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. The firm has a 50-day simple moving average of $195.14 and a two-hundred day simple moving average of $188.73. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the prior year, the firm earned $2.79 EPS. Analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.14%. AbbVie’s dividend payout ratio (DPR) is 273.33%.

AbbVie 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.