Principle Wealth Partners LLC Acquires 488 Shares of AbbVie Inc. (NYSE:ABBV)

Principle Wealth Partners LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,755 shares of the company’s stock after acquiring an additional 488 shares during the period. Principle Wealth Partners LLC’s holdings in AbbVie were worth $5,231,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in AbbVie by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after buying an additional 1,450,089 shares during the period. Morgan Stanley increased its position in AbbVie by 2.9% during the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock worth $4,796,085,000 after buying an additional 914,485 shares during the period. Northern Trust Corp increased its position in AbbVie by 2.3% during the 3rd quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock worth $3,269,822,000 after buying an additional 491,391 shares during the period. Bank of New York Mellon Corp increased its position in AbbVie by 1.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,356,072 shares of the company’s stock worth $3,034,276,000 after buying an additional 352,817 shares during the period. Finally, Ameriprise Financial Inc. increased its position in AbbVie by 1.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 14,066,082 shares of the company’s stock worth $2,098,436,000 after buying an additional 199,833 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent research reports. Guggenheim increased their price objective on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Truist Financial raised their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Raymond James raised their price target on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Barclays raised their price target on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 27th. Finally, BMO Capital Markets raised their price target on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $177.43.

AbbVie Trading Down 4.6 %

Shares of ABBV stock traded down $7.67 during mid-day trading on Friday, reaching $159.62. 10,721,740 shares of the stock traded hands, compared to its average volume of 5,004,945. The stock’s fifty day simple moving average is $174.59 and its two-hundred day simple moving average is $160.82. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a market cap of $282.63 billion, a price-to-earnings ratio of 47.37, a price-to-earnings-growth ratio of 2.03 and a beta of 0.58. 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 announced its quarterly earnings results on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.05. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm had revenue of $12.31 billion for the quarter, compared to analyst estimates of $11.93 billion. During the same period last year, the firm posted $2.46 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 11.19 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.88%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Transactions at AbbVie

In other news, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Richard A. Gonzalez sold 138,616 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares in the company, valued at $92,020,679.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott T. Reents sold 14,140 shares of AbbVie stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $177.44, for a total value 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 $4,802,413.60. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 over the last ninety days. 0.25% of the stock is owned by insiders.

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.