Miller Financial Services LLC Makes New Investment in AbbVie Inc. (NYSE:ABBV)

Miller Financial Services LLC purchased a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,376 shares of the company’s stock, valued at approximately $245,000.

Several other institutional investors have also modified their holdings of ABBV. State Street Corp raised its holdings in AbbVie by 1.6% during the third 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 last quarter. Charles Schwab Investment Management Inc. increased its position in shares of AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares in the last quarter. FMR LLC raised its stake in shares of AbbVie by 3.9% during the 3rd quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after buying an additional 511,470 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of AbbVie by 6.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after buying an additional 582,953 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in AbbVie by 4.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after acquiring an additional 373,802 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction dated 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 directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares in the company, valued at $8,985,223.60. This trade represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,439 shares of company stock worth $11,377,057 over the last ninety days. 0.25% of the stock is owned by company insiders.

AbbVie Trading Up 1.1 %

ABBV stock opened at $216.62 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The company has a market cap of $382.41 billion, a price-to-earnings ratio of 90.26, a PEG ratio of 1.62 and a beta of 0.61. The business has a fifty day simple moving average of $188.44 and a 200-day simple moving average of $187.61. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last announced its quarterly 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 last year, the business earned $2.79 EPS. On average, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.03%. AbbVie’s dividend payout ratio (DPR) is 273.33%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research reports. Daiwa America cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Truist Financial lifted their price objective on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Guggenheim increased their target price on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Wolfe Research assumed coverage on AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target for the company. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.