Portside Wealth Group LLC Decreases Position in AbbVie Inc. (NYSE:ABBV)

Portside Wealth Group LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,042 shares of the company’s stock after selling 815 shares during the period. Portside Wealth Group LLC’s holdings in AbbVie were worth $2,495,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Sandy Cove Advisors LLC lifted its holdings in AbbVie by 13.3% in the 4th quarter. Sandy Cove Advisors LLC now owns 1,592 shares of the company’s stock valued at $283,000 after purchasing an additional 187 shares in the last quarter. Wealth Alliance Advisory Group LLC raised its position in shares of AbbVie by 21.7% in the fourth quarter. Wealth Alliance Advisory Group LLC now owns 9,276 shares of the company’s stock valued at $1,648,000 after buying an additional 1,656 shares during the last quarter. Moss Adams Wealth Advisors LLC raised its position in shares of AbbVie by 4.5% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 4,706 shares of the company’s stock valued at $836,000 after buying an additional 203 shares during the last quarter. Riversedge Advisors LLC lifted its stake in shares of AbbVie by 2.4% in the fourth quarter. Riversedge Advisors LLC now owns 3,639 shares of the company’s stock worth $647,000 after buying an additional 84 shares in the last quarter. Finally, Sandbox Financial Partners LLC boosted its position in AbbVie by 3.6% during the fourth quarter. Sandbox Financial Partners LLC now owns 3,228 shares of the company’s stock worth $574,000 after acquiring an additional 111 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $171.49 on Friday. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32. The firm has a market capitalization of $303.05 billion, a P/E ratio of 59.55, a P/E/G ratio of 1.73 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The company’s fifty day moving average price is $175.78 and its 200 day moving average price is $184.60.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.95 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.83%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is presently 215.28%.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their target price on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a report on Thursday, December 5th. Barclays lifted their price target on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Piper Sandler upped their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Citigroup reduced their target price on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.50.

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.