Alterity Financial Group LLC Sells 144 Shares of AbbVie Inc. (NYSE:ABBV)

Alterity Financial Group LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,871 shares of the company’s stock after selling 144 shares during the quarter. AbbVie comprises 1.1% of Alterity Financial Group LLC’s investment portfolio, making the stock its 28th biggest position. Alterity Financial Group LLC’s holdings in AbbVie were worth $755,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Access Financial Services Inc. boosted its holdings in shares of AbbVie by 4.3% during the 4th quarter. Access Financial Services Inc. now owns 11,304 shares of the company’s stock worth $1,752,000 after buying an additional 471 shares during the period. Yarger Wealth Strategies LLC bought a new stake in AbbVie in the 4th quarter valued at about $201,000. Strong Tower Advisory Services boosted its holdings in AbbVie by 6.8% in the 4th quarter. Strong Tower Advisory Services now owns 5,653 shares of the company’s stock valued at $876,000 after purchasing an additional 362 shares during the period. Ballast Inc. boosted its holdings in AbbVie by 77.3% in the 4th quarter. Ballast Inc. now owns 3,110 shares of the company’s stock valued at $482,000 after purchasing an additional 1,356 shares during the period. Finally, Accel Wealth Management boosted its holdings in AbbVie by 2.5% in the 4th quarter. Accel Wealth Management now owns 4,632 shares of the company’s stock valued at $718,000 after purchasing an additional 115 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at $42,375,512.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $177.44, for a total value of $2,509,001.60. Following the transaction, the chief financial officer now directly owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The disclosure for this sale can be found here. Insiders have sold a total of 383,324 shares of company stock valued at $67,780,003 over the last ninety days. 0.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABBV. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Barclays upped their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial upped their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. Guggenheim upped their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, The Goldman Sachs Group raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 price target for the company in a report on Monday, December 11th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $177.43.

AbbVie Trading Up 0.9 %

NYSE ABBV traded up $1.62 on Thursday, hitting $181.97. The company’s stock had a trading volume of 5,418,371 shares, compared to its average volume of 5,696,566. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a quick ratio of 0.76, a current ratio of 0.87 and a debt-to-equity ratio of 5.02. The company’s 50-day moving average is $174.51 and its 200 day moving average is $157.96. The firm has a market cap of $322.21 billion, a PE ratio of 66.66, a PEG ratio of 2.28 and a beta of 0.58.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the prior year, the company posted $3.60 earnings per share. AbbVie’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, analysts predict that AbbVie Inc. will post 11.15 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.41%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is presently 227.11%.

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.