Hillsdale Investment Management Inc. Boosts Stock Position in AbbVie Inc. (NYSE:ABBV)

Hillsdale Investment Management Inc. grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 9.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,628 shares of the company’s stock after purchasing an additional 230 shares during the period. Hillsdale Investment Management Inc.’s holdings in AbbVie were worth $467,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Groupama Asset Managment raised its stake in AbbVie by 40.3% during the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after acquiring an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie during the third quarter worth about $28,000. Fiduciary Advisors Inc. purchased a new stake in shares of AbbVie in the 4th quarter valued at about $29,000. Promus Capital LLC acquired a new stake in shares of AbbVie in the 4th quarter valued at about $30,000. Finally, Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie during the 4th quarter worth approximately $31,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several research analyst reports. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective for the company. in a report on Thursday, December 5th. Raymond James reissued an “outperform” rating and set a $220.00 price objective (up from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Guggenheim upped their target price on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Morgan Stanley increased their target price on shares of AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $211.45.

Insider Transactions at AbbVie

In other AbbVie news, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This represents a 20.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $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 54,639 shares of company stock valued at $11,067,025 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE ABBV opened at $209.25 on Tuesday. The business has a 50 day moving average price of $195.14 and a 200 day moving average price of $188.73. The company has a market capitalization of $369.40 billion, a P/E ratio of 87.19, a PEG ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the previous year, the firm posted $2.79 earnings per share. Sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm 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 $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.14%. AbbVie’s dividend payout ratio is presently 273.33%.

AbbVie Company 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.