Envestnet Asset Management Inc. Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Envestnet Asset Management Inc. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,963,812 shares of the company’s stock after selling 14,818 shares during the quarter. Envestnet Asset Management Inc. owned about 0.28% of AbbVie worth $882,069,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Groupama Asset Managment raised its position in shares of AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after buying an additional 38,974 shares during the period. Fiduciary Advisors Inc. acquired a new stake in AbbVie during the fourth quarter worth $29,000. Promus Capital LLC purchased a new stake in AbbVie in the fourth quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $31,000. Finally, Prudent Man Investment Management Inc. purchased a new position in shares of AbbVie during the 4th quarter worth $32,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other AbbVie news, EVP Perry C. Siatis sold 5,778 shares of AbbVie stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now directly owns 22,381 shares in the company, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This trade represents a 52.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,471 shares of company stock valued at $23,426,451. Insiders own 0.08% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $186.58 on Friday. The stock’s 50-day simple moving average is $200.61 and its 200-day simple moving average is $189.24. The firm has a market capitalization of $330.06 billion, a PE ratio of 77.74, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter last year, the firm posted $2.79 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company 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. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) is currently 273.33%.

Analysts Set New Price Targets

ABBV has been the topic of a number of recent analyst reports. BMO Capital Markets upped their target price on shares of AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a research report on Monday, March 17th. Raymond James reiterated an “outperform” rating and issued a $220.00 target price (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Bank of America upped their price target on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. Finally, Guggenheim lifted their price objective on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

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.