Carret Asset Management LLC Sells 130 Shares of AbbVie Inc. (NYSE:ABBV)

Carret Asset Management LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.2% during the fourth quarter, HoldingsChannel reports. The fund owned 52,346 shares of the company’s stock after selling 130 shares during the quarter. AbbVie makes up about 1.0% of Carret Asset Management LLC’s portfolio, making the stock its 17th biggest holding. Carret Asset Management LLC’s holdings in AbbVie were worth $8,112,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ABBV. Massachusetts Financial Services Co. MA increased its position in AbbVie by 29,922.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock worth $899,186,000 after acquiring an additional 6,012,281 shares during the period. International Assets Investment Management LLC acquired a new stake in AbbVie during the fourth quarter worth $499,955,000. Vanguard Group Inc. boosted its stake in AbbVie by 0.9% during the third quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after buying an additional 1,450,089 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in AbbVie by 201.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,143,910 shares of the company’s stock worth $332,242,000 after buying an additional 1,433,236 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in AbbVie by 34.6% during the third quarter. Envestnet Asset Management Inc. now owns 4,397,309 shares of the company’s stock worth $655,463,000 after buying an additional 1,130,638 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ABBV shares. Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. BMO Capital Markets lifted their price target on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Truist Financial lifted their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. Raymond James boosted their target price on shares of AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, Barclays boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $177.43.

AbbVie Trading Down 1.0 %

Shares of ABBV stock traded down $1.71 on Wednesday, reaching $167.83. The company had a trading volume of 4,074,754 shares, compared to its average volume of 5,594,750. 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 stock has a market cap of $297.17 billion, a PE ratio of 61.56, a PEG ratio of 2.16 and a beta of 0.58. The company has a 50-day moving average of $175.26 and a 200-day moving average of $160.57. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. 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 business posted $3.60 EPS. AbbVie’s revenue was down 5.4% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post 11.16 earnings per share for the current year.

AbbVie Dividend Announcement

The firm 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. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.69%. AbbVie’s payout ratio is 227.11%.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the transaction, the executive vice president now owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $178.79, for a total value of $10,539,491.71. Following the completion of the sale, the executive vice president now owns 60,941 shares of the company’s stock, valued at approximately $10,895,641.39. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 21,082 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the completion of the sale, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at approximately $9,855,698.90. The disclosure for this sale can be found here. In the last three months, insiders sold 383,324 shares of company stock valued at $67,780,003. 0.25% of the stock is owned by corporate insiders.

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.