MainStreet Investment Advisors LLC Lowers Stock Holdings in AbbVie Inc. (NYSE:ABBV)

MainStreet Investment Advisors LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 67,080 shares of the company’s stock after selling 1,078 shares during the quarter. AbbVie comprises about 1.7% of MainStreet Investment Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. MainStreet Investment Advisors LLC’s holdings in AbbVie were worth $11,920,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Fiduciary Advisors Inc. acquired a new stake in shares of AbbVie in the fourth quarter worth $29,000. EnRich Financial Partners LLC increased its holdings in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares in the last quarter. Promus Capital LLC purchased a new position in AbbVie in the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth about $31,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in shares of AbbVie in the fourth quarter worth about $32,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Down 1.1%

Shares of AbbVie stock opened at $187.95 on Wednesday. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $218.66. The business’s fifty day moving average price is $193.34 and its two-hundred day moving average price is $187.23. The company has a market capitalization of $332.48 billion, a P/E ratio of 78.31, a PEG ratio of 1.62 and a beta of 0.56.

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

AbbVie Dividend Announcement

The business also recently declared 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 is currently 279.15%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This trade represents a 52.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,471 shares of company stock valued at $23,426,451. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ABBV shares. Truist Financial raised their target price on AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Citigroup lifted their price objective on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Cantor Fitzgerald started coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Morgan Stanley lifted their target price on AbbVie from $241.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, April 28th. Finally, Wells Fargo & Company increased their price target on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $211.41.

AbbVie 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.