Summit Financial LLC Has $2.45 Million Position in AbbVie Inc. (NYSE:ABBV)

Summit Financial LLC lessened its stake in AbbVie Inc. (NYSE:ABBV) by 47.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,835 shares of the company’s stock after selling 14,247 shares during the quarter. Summit Financial LLC’s holdings in AbbVie were worth $2,454,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Aspen Wealth Strategies LLC raised its stake in AbbVie by 0.5% in the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after purchasing an additional 61 shares in the last quarter. Marks Group Wealth Management Inc grew its position in AbbVie by 2.9% during the fourth quarter. Marks Group Wealth Management Inc now owns 2,254 shares of the company’s stock valued at $349,000 after acquiring an additional 63 shares during the last quarter. Avion Wealth grew its position in AbbVie by 11.9% during the fourth quarter. Avion Wealth now owns 612 shares of the company’s stock valued at $95,000 after acquiring an additional 65 shares during the last quarter. White Pine Capital LLC grew its position in AbbVie by 1.2% during the fourth quarter. White Pine Capital LLC now owns 5,498 shares of the company’s stock valued at $852,000 after acquiring an additional 65 shares during the last quarter. Finally, First Bank & Trust grew its position in AbbVie by 0.4% during the fourth quarter. First Bank & Trust now owns 18,125 shares of the company’s stock valued at $2,809,000 after acquiring an additional 68 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of AbbVie stock in a transaction dated 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 completion of 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 legal filing with the SEC, which is available through the SEC website. Also, CEO Richard A. Gonzalez sold 138,616 shares of AbbVie stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total value of $24,572,458.32. Following the completion of the transaction, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. 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. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on ABBV shares. BMO Capital Markets cut their target price on shares of AbbVie from $195.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday. Raymond James raised their target price on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Barclays cut their target price on shares of AbbVie from $195.00 to $187.00 and set an “overweight” rating on the stock in a report on Monday. William Blair upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Finally, Truist Financial raised their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. 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. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $174.31.

AbbVie Stock Down 0.6 %

AbbVie stock traded down $0.92 on Wednesday, hitting $161.72. 5,174,200 shares of the stock traded hands, compared to its average volume of 5,657,122. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The firm has a market cap of $286.35 billion, a P/E ratio of 48.27, a price-to-earnings-growth ratio of 2.04 and a beta of 0.58. The business’s fifty day simple moving average is $174.01 and its 200 day simple moving average is $161.10. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.31 EPS for the quarter, beating the consensus estimate of $2.26 by $0.05. The business had revenue of $12.31 billion during 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.46 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 11.27 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio is currently 183.98%.

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.