Elmwood Wealth Management Inc. Sells 362 Shares of AbbVie Inc. (NYSE:ABBV)

Elmwood Wealth Management Inc. trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 15.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,965 shares of the company’s stock after selling 362 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in AbbVie were worth $305,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of ABBV. Hibernia Wealth Partners LLC bought a new position in AbbVie during the third quarter worth about $36,000. PCA Investment Advisory Services Inc. bought a new position in AbbVie during the second quarter worth about $38,000. True Wealth Design LLC acquired a new stake in AbbVie during the fourth quarter worth about $39,000. Blue Bell Private Wealth Management LLC grew its stake in AbbVie by 39.5% during the third quarter. Blue Bell Private Wealth Management LLC now owns 286 shares of the company’s stock worth $43,000 after buying an additional 81 shares in the last quarter. Finally, Horrell Capital Management Inc. acquired a new stake in AbbVie during the third quarter worth about $45,000. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABBV has been the topic of a number of research analyst reports. HSBC downgraded shares of AbbVie from a “buy” rating to a “hold” rating and reduced their price target for the company from $167.00 to $156.00 in a research note on Monday, December 18th. Truist Financial raised 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. BMO Capital Markets raised 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. Barclays raised their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Finally, Raymond James raised 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. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $177.43.

AbbVie Stock Performance

AbbVie stock traded up $0.25 during midday trading on Monday, reaching $162.53. The stock had a trading volume of 2,138,536 shares, compared to its average volume of 5,627,896. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The firm’s 50-day moving average price is $176.42 and its 200 day moving average price is $159.75. The firm has a market capitalization of $287.78 billion, a PE ratio of 59.70, a P/E/G ratio of 2.07 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm had revenue of $14.30 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the business posted $3.60 earnings per share. The company’s revenue was down 5.4% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 11.11 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.81%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is currently 227.11%.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the sale, the executive vice president now owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Scott T. Reents sold 14,140 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value of $2,509,001.60. Following the completion of the transaction, the chief financial officer now owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 over the last quarter. 0.25% of the stock is owned by corporate insiders.

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.