C2C Wealth Management LLC Grows Position in AbbVie Inc. (NYSE:ABBV)

C2C Wealth Management LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,010 shares of the company’s stock after purchasing an additional 63 shares during the quarter. C2C Wealth Management LLC’s holdings in AbbVie were worth $713,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ABBV. Fiduciary Advisors Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth about $29,000. Promus Capital LLC acquired a new position in AbbVie during the 4th quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie in the 4th quarter worth approximately $31,000. Retirement Wealth Solutions LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $35,000. Finally, Halbert Hargrove Global Advisors LLC acquired a new position in shares of AbbVie during the fourth quarter worth $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now owns 11,496 shares in the company, valued at $2,338,401.36. This trade represents a 62.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the sale, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,639 shares of company stock worth $11,067,025. 0.25% of the stock is owned by corporate insiders.

AbbVie Trading Up 1.2 %

Shares of NYSE:ABBV opened at $205.12 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The company’s 50-day moving average price is $197.50 and its 200 day moving average price is $188.95. The company has a market cap of $362.85 billion, a PE ratio of 85.47, a P/E/G ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the firm posted $2.79 EPS. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.20%. AbbVie’s payout ratio is 273.33%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Citigroup upped their price objective on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. BMO Capital Markets increased their price target on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Truist Financial lifted their price objective on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Finally, Daiwa America lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $211.45.

AbbVie Company 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.