Sagespring Wealth Partners LLC Invests $3.49 Million in AbbVie Inc. (NYSE:ABBV)

Sagespring Wealth Partners LLC acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 19,616 shares of the company’s stock, valued at approximately $3,486,000.

A number of other hedge funds also recently bought and sold shares of the company. Fiduciary Advisors Inc. purchased a new stake in AbbVie during the fourth quarter valued at about $29,000. EnRich Financial Partners LLC lifted its stake in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after acquiring an additional 110 shares during the last quarter. Promus Capital LLC purchased a new stake in AbbVie during the 4th quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in AbbVie during the 4th quarter worth approximately $31,000. Finally, Prudent Man Investment Management Inc. purchased a new position in AbbVie in the 4th quarter worth approximately $32,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $174.90 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The stock has a market cap of $309.39 billion, a P/E ratio of 72.87, a P/E/G ratio of 1.62 and a beta of 0.55. The business’s 50 day moving average price is $200.16 and its 200-day moving average price is $188.49. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66.

AbbVie (NYSE:ABBV) last released 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 period in the prior year, the company earned $2.79 earnings per share. Equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.75%. AbbVie’s dividend payout ratio (DPR) is presently 273.33%.

Insider Transactions at AbbVie

In other news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the transaction, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now directly owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,471 shares of company stock worth $23,426,451. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ABBV shares. UBS Group raised their target price on shares of AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Bank of America raised their price target on shares of AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Raymond James reaffirmed an “outperform” rating and set a $220.00 price objective (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Wells Fargo & Company raised their target price on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 price target on shares of AbbVie in a research report on Tuesday, December 17th. Six equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $210.71.

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.