IHT Wealth Management LLC Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

IHT Wealth Management LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 13.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,786 shares of the company’s stock after selling 9,922 shares during the period. IHT Wealth Management LLC’s holdings in AbbVie were worth $11,157,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Howard Capital Management Group LLC lifted its holdings in shares of AbbVie by 20.3% in the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock valued at $397,000 after acquiring an additional 339 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of AbbVie by 12.3% in the 3rd quarter. Principal Financial Group Inc. now owns 2,487,363 shares of the company’s stock worth $491,204,000 after purchasing an additional 273,078 shares during the period. Westside Investment Management Inc. increased its position in shares of AbbVie by 1.0% during the 3rd quarter. Westside Investment Management Inc. now owns 17,296 shares of the company’s stock valued at $3,403,000 after purchasing an additional 171 shares during the last quarter. Morse Asset Management Inc raised its holdings in AbbVie by 2.4% during the 3rd quarter. Morse Asset Management Inc now owns 7,563 shares of the company’s stock valued at $1,494,000 after buying an additional 175 shares during the period. Finally, Aldebaran Financial Inc. bought a new stake in AbbVie in the third quarter worth $466,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ABBV shares. Guggenheim restated a “buy” rating and issued a $214.00 target price on shares of AbbVie in a report on Thursday. Wells Fargo & Company raised their price objective on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Bank of America increased their price target on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. BMO Capital Markets upped their price objective on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Finally, Truist Financial lifted their target price on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $210.71.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $172.78 on Monday. The stock has a market cap of $305.64 billion, a price-to-earnings ratio of 71.99, a PEG ratio of 1.62 and a beta of 0.55. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The company has a 50 day simple moving average of $198.47 and a two-hundred day simple moving average of $187.71. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last posted 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 net margin of 7.59% and a return on equity of 296.28%. During the same quarter in the previous year, the business earned $2.79 earnings per share. As a group, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is presently 273.33%.

Insiders Place Their Bets

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Perry C. Siatis sold 5,778 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now directly owns 22,381 shares of the company’s stock, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,471 shares of company stock worth $23,426,451. Corporate 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.