EdgeRock Capital LLC Takes $232,000 Position in AbbVie Inc. (NYSE:ABBV)

EdgeRock Capital LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 4th quarter, HoldingsChannel.com reports. The fund bought 1,365 shares of the company’s stock, valued at approximately $232,000.

Several other large investors have also recently added to or reduced their stakes in ABBV. Blue Bell Private Wealth Management LLC boosted its stake in AbbVie by 39.5% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 286 shares of the company’s stock worth $43,000 after purchasing an additional 81 shares during the period. DiNuzzo Private Wealth Inc. purchased a new position in AbbVie during the 4th quarter worth $44,000. Horrell Capital Management Inc. purchased a new position in AbbVie during the 3rd quarter worth $45,000. Core Wealth Advisors Inc. raised its position in AbbVie by 459.7% during the 3rd quarter. Core Wealth Advisors Inc. now owns 347 shares of the company’s stock worth $52,000 after buying an additional 285 shares during the last quarter. Finally, Bourgeon Capital Management LLC raised its position in AbbVie by 240.0% during the 4th quarter. Bourgeon Capital Management LLC now owns 340 shares of the company’s stock worth $53,000 after buying an additional 240 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.1 %

Shares of NYSE:ABBV traded down $0.18 during mid-day trading on Tuesday, hitting $162.55. 5,171,496 shares of the company traded hands, compared to its average volume of 5,659,469. The firm’s 50 day simple moving average is $172.48 and its 200 day simple moving average is $161.62. The firm has a market cap of $287.82 billion, a P/E ratio of 48.23, a PEG ratio of 2.07 and a beta of 0.61. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, May 3rd. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. The business had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.46 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 11.29 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. BMO Capital Markets cut their price objective on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. Truist Financial increased their price target on shares of AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Guggenheim raised their target price on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Barclays dropped their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating for the company in a report on Monday, April 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 MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $174.31.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred 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 document filed with the SEC, which is available at this link. In other news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the sale, the executive vice president now directly owns 60,941 shares in the company, valued at approximately $10,895,641.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the sale, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 383,324 shares of company stock valued at $67,780,003. Insiders own 0.25% of the company’s stock.

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.