Golden State Equity Partners Lowers Stake in AbbVie Inc. (NYSE:ABBV)

Golden State Equity Partners cut its position in AbbVie Inc. (NYSE:ABBV) by 1.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,573 shares of the company’s stock after selling 254 shares during the period. Golden State Equity Partners’ holdings in AbbVie were worth $2,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Altfest L J & Co. Inc. lifted its holdings in AbbVie by 0.9% in the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock worth $3,480,000 after purchasing an additional 215 shares in the last quarter. Torray Investment Partners LLC raised its position in shares of AbbVie by 13.0% during the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock valued at $3,159,000 after buying an additional 2,446 shares during the last quarter. Retirement Planning Co of New England Inc. lifted its holdings in shares of 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 worth $3,936,000 after buying an additional 4,633 shares in the last quarter. Amplius Wealth Advisors LLC boosted its position in shares of AbbVie by 17.6% during the fourth quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock worth $413,000 after acquiring an additional 400 shares during the last quarter. Finally, Synovus Financial Corp grew its stake in AbbVie by 5.4% during 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 in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In other 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 transaction of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of AbbVie stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the transaction, the senior vice president now directly owns 6,983 shares in the company, valued at $1,233,546.95. 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 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial increased 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 increased their price target on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Guggenheim upped their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Raymond James increased their price objective on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Finally, William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Three equities research 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $177.43.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $159.62 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The company has a market capitalization of $282.63 billion, a price-to-earnings ratio of 47.37, a PEG ratio of 2.03 and a beta of 0.58. The firm’s 50-day moving average is $174.59 and its 200 day moving average is $160.82.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the company earned $2.46 earnings per share. Research analysts predict that AbbVie Inc. will post 11.19 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.88%. AbbVie’s payout ratio is currently 183.98%.

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.