Sovereign Financial Group Inc. Has $420,000 Holdings in AbbVie Inc. (NYSE:ABBV)

Sovereign Financial Group Inc. decreased its position in AbbVie Inc. (NYSE:ABBV) by 11.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,709 shares of the company’s stock after selling 341 shares during the period. Sovereign Financial Group Inc.’s holdings in AbbVie were worth $420,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. DiNuzzo Private Wealth Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at about $44,000. Blue Bell Private Wealth Management LLC grew its position in shares of 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 buying an additional 81 shares during the period. Horrell Capital Management Inc. bought a new stake in shares of AbbVie in the 3rd quarter valued at $45,000. Bourgeon Capital Management LLC lifted its position in shares of AbbVie by 240.0% during the 4th quarter. Bourgeon Capital Management LLC now owns 340 shares of the company’s stock valued at $53,000 after acquiring an additional 240 shares during the period. Finally, Naples Money Management LLC acquired a new position in shares of AbbVie during the 4th quarter valued at $53,000. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ABBV. Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Truist Financial boosted their target price on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a research note on Monday, January 29th. BMO Capital Markets decreased their price objective on AbbVie from $195.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Finally, Barclays cut their target price on AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.31.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now owns 27,065 shares of the company’s stock, valued at approximately $4,802,413.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders sold a total of 383,324 shares of company stock valued at $67,780,003 over the last 90 days. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV traded down $0.18 during midday trading on Tuesday, reaching $162.55. 5,171,496 shares of the company traded hands, compared to its average volume of 5,659,469. The firm’s fifty day moving average price is $172.48 and its two-hundred day moving average price is $161.62. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The firm has a market capitalization of $287.82 billion, a price-to-earnings ratio of 48.23, a price-to-earnings-growth ratio of 2.07 and a beta of 0.61. 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 posted its earnings results on Friday, May 3rd. The company reported $2.31 EPS for the quarter, topping the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during the quarter, compared to analysts’ expectations of $11.93 billion. AbbVie had a return on equity of 165.18% and a net margin of 11.02%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the business earned $2.46 earnings per share. On average, equities analysts expect that AbbVie Inc. will post 11.29 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. Investors of record on Monday, April 15th will be paid 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 3.81%. AbbVie’s dividend payout ratio is presently 183.98%.

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.