AbbVie Inc. (NYSE:ABBV) Position Reduced by Patriot Investment Management Group Inc.

Patriot Investment Management Group Inc. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 2.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,263 shares of the company’s stock after selling 123 shares during the period. Patriot Investment Management Group Inc.’s holdings in AbbVie were worth $935,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Southland Equity Partners LLC increased its holdings in AbbVie by 16.1% in the fourth quarter. Southland Equity Partners LLC now owns 28,445 shares of the company’s stock valued at $5,055,000 after buying an additional 3,954 shares during the last quarter. Sound Income Strategies LLC grew its position in shares of AbbVie by 10.4% in the 4th quarter. Sound Income Strategies LLC now owns 98,930 shares of the company’s stock worth $17,580,000 after acquiring an additional 9,358 shares in the last quarter. LexAurum Advisors LLC increased its holdings in shares of AbbVie by 47.3% in the 4th quarter. LexAurum Advisors LLC now owns 1,709 shares of the company’s stock valued at $304,000 after acquiring an additional 549 shares during the last quarter. Shilanski & Associates Inc. raised its position in shares of AbbVie by 1.7% during the 4th quarter. Shilanski & Associates Inc. now owns 22,565 shares of the company’s stock valued at $4,010,000 after acquiring an additional 386 shares in the last quarter. Finally, Matthew Goff Investment Advisor LLC boosted its holdings in AbbVie by 0.6% in the fourth quarter. Matthew Goff Investment Advisor LLC now owns 17,555 shares of the company’s stock worth $3,120,000 after purchasing an additional 97 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ABBV shares. Piper Sandler raised their price target on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Citigroup decreased their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Bank of America reiterated a “neutral” rating and set a $191.00 price target on shares of AbbVie in a research report on Tuesday, December 10th. Argus raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $205.50.

AbbVie Stock Down 0.4 %

ABBV stock opened at $170.05 on Friday. The firm has a market cap of $300.51 billion, a PE ratio of 59.05, a P/E/G ratio of 1.68 and a beta of 0.58. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm has a 50 day simple moving average of $175.74 and a 200 day simple moving average of $184.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.95 EPS. Equities research analysts forecast that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.86%. The ex-dividend date is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 227.78%.

Insider Buying and Selling at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.

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.