AbbVie Inc. (NYSE:ABBV) Shares Sold by Atalanta Sosnoff Capital LLC

Atalanta Sosnoff Capital LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 5.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 404,398 shares of the company’s stock after selling 23,377 shares during the quarter. AbbVie comprises about 1.6% of Atalanta Sosnoff Capital LLC’s portfolio, making the stock its 22nd biggest position. Atalanta Sosnoff Capital LLC’s holdings in AbbVie were worth $71,861,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. AXA S.A. lifted its stake in shares of AbbVie by 14.8% during the fourth quarter. AXA S.A. now owns 971,893 shares of the company’s stock worth $172,705,000 after buying an additional 125,568 shares during the period. Accredited Wealth Management LLC acquired a new stake in AbbVie during the 4th quarter worth about $109,000. Advanced Portfolio Management LLC purchased a new stake in AbbVie during the 4th quarter valued at about $1,341,000. Alaethes Wealth LLC increased its holdings in shares of AbbVie by 1.5% in the fourth quarter. Alaethes Wealth LLC now owns 8,974 shares of the company’s stock valued at $1,595,000 after purchasing an additional 131 shares during the period. Finally, 1248 Management LLC purchased a new position in shares of AbbVie in the fourth quarter worth about $1,212,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 2.7 %

NYSE ABBV opened at $198.62 on Friday. The business has a fifty day moving average price of $196.14 and a 200 day moving average price of $187.25. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The company has a market cap of $351.35 billion, a P/E ratio of 82.76, a P/E/G ratio of 1.62 and a beta of 0.56. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the firm posted $2.31 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.30%. AbbVie’s payout ratio is 279.15%.

Analysts Set New Price Targets

Several brokerages recently weighed in on ABBV. Wells Fargo & Company raised their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. BMO Capital Markets raised their target price on shares of AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Citigroup upped their price target on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They set an “overweight” rating and a $210.00 price objective for the company. Finally, Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $211.41.

Insider Buying and Selling

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

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.