IMA Wealth Inc. Decreases Position in AbbVie Inc. (NYSE:ABBV)

IMA Wealth Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.4% in the 4th quarter, HoldingsChannel reports. The firm owned 11,783 shares of the company’s stock after selling 1,077 shares during the quarter. IMA Wealth Inc.’s holdings in AbbVie were worth $1,826,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of ABBV. DeDora Capital Inc. boosted its holdings in AbbVie by 5.0% in the 3rd quarter. DeDora Capital Inc. now owns 18,806 shares of the company’s stock worth $2,803,000 after buying an additional 898 shares during the period. Goldstein Advisors LLC boosted its holdings in AbbVie by 11.9% in the 3rd quarter. Goldstein Advisors LLC now owns 4,846 shares of the company’s stock worth $722,000 after buying an additional 514 shares during the period. SS&H Financial Advisors Inc. bought a new position in AbbVie in the 3rd quarter worth approximately $7,748,000. Next Capital Management LLC bought a new position in AbbVie in the 3rd quarter worth approximately $261,000. Finally, Opal Wealth Advisors LLC boosted its holdings in AbbVie by 1.2% in the 3rd quarter. Opal Wealth Advisors LLC now owns 6,788 shares of the company’s stock worth $1,012,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

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, EVP Jeffrey Ryan Stewart sold 58,949 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $178.79, for a total value of $10,539,491.71. Following the transaction, the executive vice president now owns 60,941 shares in the company, valued at $10,895,641.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock worth $67,780,003 in the last 90 days. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ABBV. Raymond James raised their price objective on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. BMO Capital Markets raised their price objective on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Barclays raised their price target on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Finally, Truist Financial raised 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. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

AbbVie Price Performance

Shares of NYSE ABBV traded down $7.67 during mid-day trading on Friday, reaching $159.62. 10,721,740 shares of the company were exchanged, compared to its average volume of 5,004,945. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The stock has a market capitalization of $282.63 billion, a PE ratio of 58.47, a PEG ratio of 2.13 and a beta of 0.58. The company’s 50 day moving average price is $174.59 and its 200 day moving average price is $160.74.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $12.31 billion during the quarter, compared to the consensus estimate of $11.93 billion. During the same period in the previous year, the firm posted $2.46 EPS. The firm’s revenue was up .7% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 11.19 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s payout ratio is presently 227.11%.

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.