Spinnaker Trust Sells 300 Shares of AbbVie Inc. (NYSE:ABBV)

Spinnaker Trust lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 16,008 shares of the company’s stock after selling 300 shares during the quarter. Spinnaker Trust’s holdings in AbbVie were worth $2,481,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. Altfest L J & Co. Inc. increased its position in AbbVie by 0.9% in the third 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 during the last quarter. Torray Investment Partners LLC increased its position in 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 acquiring an additional 2,446 shares during the last quarter. Retirement Planning Co of New England Inc. increased its position in AbbVie by 21.3% during 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 last quarter. Amplius Wealth Advisors LLC increased its position in AbbVie by 17.6% during 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 last quarter. Finally, Synovus Financial Corp increased its position 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 during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 4.6 %

NYSE:ABBV traded down $7.67 during mid-day trading on Friday, reaching $159.62. The company’s stock had a trading volume of 10,721,740 shares, compared to its average volume of 5,004,945. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89. The stock has a fifty day moving average of $174.59 and a 200-day moving average of $160.74. The firm has a market capitalization of $282.63 billion, a PE ratio of 58.47, a price-to-earnings-growth ratio of 2.13 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 released its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period in the prior year, the firm earned $2.46 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 11.19 earnings per share for the current year.

AbbVie Announces Dividend

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 issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.88%. AbbVie’s dividend payout ratio is presently 227.11%.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction dated 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 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 accessible through this hyperlink. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’s stock in a transaction dated 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 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 accessible through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,949 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the transaction, the executive vice president now owns 60,941 shares in the company, valued at approximately $10,895,641.39. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on ABBV shares. Raymond James boosted 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. BMO Capital Markets boosted their price objective on shares of AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Guggenheim boosted their price objective on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Barclays boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $177.43.

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.