Interchange Capital Partners LLC Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

Interchange Capital Partners LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 14,658 shares of the company’s stock after selling 162 shares during the period. AbbVie makes up about 0.9% of Interchange Capital Partners LLC’s investment portfolio, making the stock its 25th largest position. Interchange Capital Partners LLC’s holdings in AbbVie were worth $2,605,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Everence Capital Management Inc. grew its holdings in shares of AbbVie by 41.3% during the fourth quarter. Everence Capital Management Inc. now owns 53,171 shares of the company’s stock worth $9,448,000 after buying an additional 15,550 shares during the last quarter. GAMMA Investing LLC lifted its position in AbbVie by 9.5% in the fourth quarter. GAMMA Investing LLC now owns 39,453 shares of the company’s stock valued at $7,011,000 after purchasing an additional 3,439 shares during the period. State Street Corp lifted its position in AbbVie by 1.6% in the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares during the period. Sky Investment Group LLC lifted its position in AbbVie by 10.1% in the fourth quarter. Sky Investment Group LLC now owns 42,715 shares of the company’s stock valued at $7,590,000 after purchasing an additional 3,936 shares during the period. Finally, Wedmont Private Capital lifted its position in AbbVie by 16.5% in the fourth quarter. Wedmont Private Capital now owns 25,822 shares of the company’s stock valued at $4,523,000 after purchasing an additional 3,654 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the sale, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at approximately $2,338,401.36. This represents a 62.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the sale, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 54,639 shares of company stock valued at $11,067,025. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler Companies restated an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a research report on Tuesday, December 17th. Bank of America raised their price objective on shares of AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Citigroup lifted their price target on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Truist Financial lifted their price target on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Daiwa America downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

AbbVie Price Performance

NYSE ABBV opened at $209.98 on Monday. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The stock has a market cap of $370.68 billion, a price-to-earnings ratio of 87.49, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. The company has a 50-day moving average price of $194.49 and a two-hundred day moving average price of $188.61.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the prior year, the firm posted $2.79 earnings per share. Analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio is currently 273.33%.

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.