Institute for Wealth Management LLC. Sells 338 Shares of AbbVie Inc. (NYSE:ABBV)

Institute for Wealth Management LLC. reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,290 shares of the company’s stock after selling 338 shares during the quarter. Institute for Wealth Management LLC.’s holdings in AbbVie were worth $3,144,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Altfest L J & Co. Inc. grew its stake in AbbVie by 0.9% in the third quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock valued at $3,480,000 after acquiring an additional 215 shares during the period. Torray Investment Partners LLC grew its stake in AbbVie by 13.0% in the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after acquiring an additional 2,446 shares during the period. Retirement Planning Co of New England Inc. grew its stake in AbbVie by 21.3% in the third quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after acquiring an additional 4,633 shares during the period. Amplius Wealth Advisors LLC grew its stake in AbbVie by 17.6% in the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after acquiring an additional 400 shares during the period. Finally, Synovus Financial Corp grew its stake in AbbVie by 5.4% in the third quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock valued at $17,709,000 after acquiring an additional 6,139 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Barclays lifted their target price on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Wednesday, March 27th. Truist Financial lifted their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Raymond James lifted their target price on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Finally, BMO Capital Markets boosted their price objective on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research 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 given a strong buy rating to the company. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

Insider Activity at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 over the last three months. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

ABBV traded up $1.47 during trading on Friday, reaching $166.13. 3,306,696 shares of the company traded hands, compared to its average volume of 5,605,276. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $182.89. The firm has a fifty day simple moving average of $175.59 and a 200 day simple moving average of $159.97. The company has a market cap of $294.16 billion, a P/E ratio of 60.88, a PEG ratio of 2.11 and a beta of 0.58.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period in the previous year, the firm earned $3.60 earnings per share. AbbVie’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, equities analysts forecast that AbbVie Inc. will post 11.18 EPS for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.73%. AbbVie’s dividend payout ratio (DPR) is 227.11%.

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.