Sierra Summit Advisors LLC Has $2.79 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Sierra Summit Advisors LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 15.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,687 shares of the company’s stock after purchasing an additional 2,151 shares during the quarter. Sierra Summit Advisors LLC’s holdings in AbbVie were worth $2,788,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Ritter Daniher Financial Advisory LLC DE grew its stake in shares of AbbVie by 12.1% in the 4th quarter. Ritter Daniher Financial Advisory LLC DE now owns 850 shares of the company’s stock valued at $151,000 after buying an additional 92 shares in the last quarter. Trek Financial LLC lifted its stake in AbbVie by 15.5% in the fourth quarter. Trek Financial LLC now owns 7,248 shares of the company’s stock valued at $1,288,000 after acquiring an additional 974 shares during the last quarter. FMR LLC grew its position in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock worth $3,215,903,000 after acquiring an additional 4,466,971 shares in the last quarter. Polymer Capital Management HK LTD acquired a new position in shares of AbbVie during the 4th quarter worth $1,102,000. Finally, Federated Hermes Inc. raised its holdings in shares of AbbVie by 37.3% during the 4th quarter. Federated Hermes Inc. now owns 2,566,922 shares of the company’s stock valued at $456,142,000 after purchasing an additional 697,643 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Wells Fargo & Company increased their price objective on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Bank of America boosted their target price on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Raymond James reiterated an “outperform” rating and set a $220.00 price target (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Finally, BMO Capital Markets boosted their price objective on shares of AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $211.45.

AbbVie Price Performance

Shares of ABBV stock opened at $186.58 on Monday. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The company has a market capitalization of $330.06 billion, a P/E ratio of 77.74, a P/E/G ratio of 1.62 and a beta of 0.55. The stock has a 50 day moving average of $200.61 and a two-hundred day moving average of $189.18. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 EPS 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 earnings per share. As a group, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.52%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) is presently 273.33%.

Insider Buying and Selling

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the transaction, the executive vice president now directly owns 22,381 shares of the company’s stock, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,471 shares of company stock valued at $23,426,451 over the last quarter. Corporate insiders own 0.25% of the company’s stock.

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.