AbbVie Inc. (NYSE:ABBV) Position Reduced by Shorepoint Capital Partners LLC

Shorepoint Capital Partners LLC lowered its stake in AbbVie Inc. (NYSE:ABBV) by 0.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 34,880 shares of the company’s stock after selling 256 shares during the period. AbbVie accounts for approximately 1.4% of Shorepoint Capital Partners LLC’s holdings, making the stock its 22nd biggest holding. Shorepoint Capital Partners LLC’s holdings in AbbVie were worth $6,198,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Fiduciary Advisors Inc. acquired a new stake in shares of AbbVie during the fourth quarter worth $29,000. EnRich Financial Partners LLC boosted its position in AbbVie by 196.4% during 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 during the period. Promus Capital LLC acquired a new stake in shares of AbbVie in the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $31,000. Finally, Prudent Man Investment Management Inc. acquired a new position in AbbVie during the 4th quarter worth $32,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on ABBV. Wells Fargo & Company raised their target price on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Bank of America boosted their target price on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Truist Financial increased their price target on AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Guggenheim reissued a “buy” rating and issued a $214.00 price objective on shares of AbbVie in a research note on Thursday, April 17th. Finally, Raymond James restated an “outperform” rating and issued a $220.00 price objective (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.19.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $185.96 on Friday. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66. The business’s 50-day moving average price is $196.85 and its two-hundred day moving average price is $187.18. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The company has a market capitalization of $328.96 billion, a P/E ratio of 77.48, a price-to-earnings-growth ratio of 1.62 and a beta of 0.55.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, missing analysts’ consensus estimates of $2.51 by ($0.05). The firm had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the prior year, the company posted $2.31 EPS. Analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

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 dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.53%. AbbVie’s dividend payout ratio (DPR) is presently 273.33%.

Insider Activity

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business’s stock in a transaction dated 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 approximately $11,183,398.72. The trade was a 52.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Perry C. Siatis sold 5,778 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the sale, the executive vice president now directly owns 22,381 shares in the company, valued at $4,429,199.90. This trade represents a 20.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 113,471 shares of company stock valued at $23,426,451. Insiders own 0.25% of the company’s stock.

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.