Lazard Asset Management LLC Sells 26,115 Shares of AbbVie Inc. (NYSE:ABBV)

Lazard Asset Management LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 18.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,459 shares of the company’s stock after selling 26,115 shares during the period. Lazard Asset Management LLC’s holdings in AbbVie were worth $20,516,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Fiduciary Advisors Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $29,000. EnRich Financial Partners LLC increased its stake in shares of AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after purchasing an additional 110 shares during the period. Promus Capital LLC bought a new position in shares of AbbVie in the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth about $31,000. Finally, Prudent Man Investment Management Inc. bought a new position in shares of AbbVie in the fourth quarter worth about $32,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $187.95 on Wednesday. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The firm has a 50 day moving average of $193.34 and a 200-day moving average of $187.23. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The stock has a market capitalization of $332.48 billion, a P/E ratio of 78.31, a price-to-earnings-growth ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.06. AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to analysts’ expectations of $12.91 billion. During the same quarter in the previous year, the company posted $2.31 earnings per share. AbbVie’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) is currently 279.15%.

Insider Activity

In related news, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares in the company, valued at $8,985,223.60. The trade was a 40.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at $11,183,398.72. This trade represents a 52.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,471 shares of company stock worth $23,426,451. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

ABBV has been the topic of a number of recent research reports. BMO Capital Markets lifted their target price on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 target price on shares of AbbVie in a research report on Tuesday, April 8th. UBS Group lifted their target price on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI lifted their target price on AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, April 28th. Finally, BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $211.41.

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.