Fifth Third Bancorp lessened its stake in AbbVie Inc. (NYSE:ABBV – Free Report) by 9.3% in the fourth quarter, HoldingsChannel reports. The firm owned 1,468,193 shares of the company’s stock after selling 151,013 shares during the period. AbbVie accounts for about 0.9% of Fifth Third Bancorp’s holdings, making the stock its 19th biggest position. Fifth Third Bancorp’s holdings in AbbVie were worth $260,898,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. apricus wealth LLC raised its holdings in AbbVie by 1.2% in the fourth quarter. apricus wealth LLC now owns 19,600 shares of the company’s stock worth $3,483,000 after purchasing an additional 230 shares during the period. DGS Capital Management LLC increased its position in shares of AbbVie by 4.2% in the 4th quarter. DGS Capital Management LLC now owns 3,501 shares of the company’s stock valued at $622,000 after buying an additional 140 shares in the last quarter. AM Investment Strategies LLC bought a new stake in shares of AbbVie in the 4th quarter valued at $720,000. Eclectic Associates Inc. ADV raised its stake in AbbVie by 454.3% during the 4th quarter. Eclectic Associates Inc. ADV now owns 5,803 shares of the company’s stock worth $1,031,000 after buying an additional 4,756 shares during the period. Finally, Gradient Investments LLC lifted its holdings in AbbVie by 10.2% during the fourth quarter. Gradient Investments LLC now owns 85,459 shares of the company’s stock worth $15,186,000 after acquiring an additional 7,894 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.
Wall Street Analyst Weigh In
ABBV has been the subject of several recent analyst reports. TD Cowen increased their price target on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price for the company. in a research note on Thursday, December 5th. UBS Group lifted their price target on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price objective for the company in a research report on Friday, November 22nd. Finally, Barclays raised their price objective on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $205.50.
Insider Activity
In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.
AbbVie Price Performance
Shares of ABBV opened at $170.05 on Friday. The company has a market cap of $300.51 billion, a price-to-earnings ratio of 59.05, a PEG ratio of 1.68 and a beta of 0.58. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32. The company’s fifty day simple moving average is $175.84 and its 200 day simple moving average is $184.66. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. AbbVie’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.95 EPS. On average, research analysts forecast that AbbVie Inc. will post 10.06 earnings per share for the current fiscal year.
AbbVie Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $6.56 annualized dividend and a yield of 3.86%. AbbVie’s dividend payout ratio is currently 227.78%.
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.
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