First County Bank CT Has $2.97 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

First County Bank CT lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.6% in the fourth quarter, HoldingsChannel reports. The fund owned 16,727 shares of the company’s stock after selling 993 shares during the period. AbbVie makes up 1.7% of First County Bank CT’s portfolio, making the stock its 15th largest position. First County Bank CT’s holdings in AbbVie were worth $2,972,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Spartan Planning & Wealth Management bought a new stake in shares of AbbVie during the 4th quarter worth approximately $256,000. Diversified Trust Co grew its stake in AbbVie by 4.8% in the 4th quarter. Diversified Trust Co now owns 41,870 shares of the company’s stock valued at $7,440,000 after buying an additional 1,904 shares during the last quarter. Advance Capital Management Inc. raised its holdings in AbbVie by 2.0% in the 4th quarter. Advance Capital Management Inc. now owns 3,318 shares of the company’s stock valued at $590,000 after acquiring an additional 66 shares during the period. Oliver Luxxe Assets LLC boosted its holdings in shares of AbbVie by 1.2% during the fourth quarter. Oliver Luxxe Assets LLC now owns 37,138 shares of the company’s stock worth $6,599,000 after acquiring an additional 451 shares during the period. Finally, Fortem Financial Group LLC boosted its holdings in shares of AbbVie by 1.5% during the fourth quarter. Fortem Financial Group LLC now owns 8,635 shares of the company’s stock worth $1,534,000 after acquiring an additional 126 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wolfe Research initiated coverage on AbbVie in a report on Friday, November 15th. They set an “outperform” rating and a $205.00 price target for the company. Guggenheim increased their target price on shares of AbbVie from $212.00 to $221.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.70.

AbbVie Trading Down 0.2 %

AbbVie stock traded down $0.34 during trading hours on Tuesday, hitting $179.76. The stock had a trading volume of 2,902,687 shares, compared to its average volume of 4,393,862. The stock has a market cap of $317.66 billion, a price-to-earnings ratio of 62.42, a P/E/G ratio of 1.92 and a beta of 0.58. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The business’s 50 day simple moving average is $180.20 and its 200-day simple moving average is $184.36. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned $2.95 EPS. On average, equities analysts predict that AbbVie Inc. will post 10.96 EPS for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.65%. AbbVie’s payout ratio is presently 227.78%.

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.