AbbVie Inc. (NYSE:ABBV) Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC lessened its stake in AbbVie Inc. (NYSE:ABBV) by 2.8% in the 4th quarter, HoldingsChannel reports. The fund owned 23,015 shares of the company’s stock after selling 654 shares during the quarter. AbbVie accounts for about 1.9% of Convergence Investment Partners LLC’s holdings, making the stock its 8th biggest holding. Convergence Investment Partners LLC’s holdings in AbbVie were worth $3,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Altfest L J & Co. Inc. grew its position in shares of AbbVie by 0.9% during the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock worth $3,480,000 after buying an additional 215 shares during the period. Torray Investment Partners LLC grew its position in shares of AbbVie by 13.0% during the 3rd quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock worth $3,159,000 after buying an additional 2,446 shares during the period. Retirement Planning Co of New England Inc. grew its position in shares of AbbVie by 21.3% during the 3rd quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock worth $3,936,000 after buying an additional 4,633 shares during the period. Amplius Wealth Advisors LLC grew its position in shares of AbbVie by 17.6% during the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock worth $413,000 after buying an additional 400 shares during the period. Finally, Opinicus Capital Inc. acquired a new stake in shares of AbbVie during the 4th quarter worth approximately $1,296,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 383,324 shares of company stock worth $67,780,003. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. BMO Capital Markets boosted their price objective on shares of AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Raymond James boosted their price objective on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Truist Financial boosted their price objective on shares of AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Guggenheim boosted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $177.43.

AbbVie Stock Down 4.6 %

ABBV traded down $7.67 during trading on Friday, reaching $159.62. The company had a trading volume of 10,721,740 shares, compared to its average volume of 5,004,945. The business’s fifty day moving average price is $174.59 and its 200 day moving average price is $160.82. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The company has a market cap of $282.63 billion, a P/E ratio of 47.37, a PEG ratio of 2.03 and a beta of 0.58. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.46 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 11.19 EPS for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.88%. AbbVie’s payout ratio is 183.98%.

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.