Latitude Advisors LLC Sells 576 Shares of AbbVie Inc. (NYSE:ABBV)

Latitude Advisors LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 18.5% in the fourth quarter, HoldingsChannel reports. The firm owned 2,539 shares of the company’s stock after selling 576 shares during the quarter. Latitude Advisors LLC’s holdings in AbbVie were worth $393,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Scissortail Wealth Management LLC grew its position in shares of AbbVie by 1,764.3% during the fourth quarter. Scissortail Wealth Management LLC now owns 25,932 shares of the company’s stock valued at $4,251,000 after purchasing an additional 24,541 shares in the last quarter. Tyche Wealth Partners LLC purchased a new position in shares of AbbVie during the fourth quarter valued at about $2,192,000. Aspen Wealth Strategies LLC grew its position in shares of AbbVie by 0.5% during the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after purchasing an additional 61 shares in the last quarter. Arbor Trust Wealth Advisors LLC grew its position in shares of AbbVie by 0.5% during the fourth quarter. Arbor Trust Wealth Advisors LLC now owns 46,553 shares of the company’s stock valued at $7,214,000 after purchasing an additional 225 shares in the last quarter. Finally, HealthInvest Partners AB purchased a new position in shares of AbbVie during the fourth quarter valued at about $3,285,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.5 %

NYSE ABBV traded up $0.87 during trading on Wednesday, hitting $162.54. The stock had a trading volume of 4,881,516 shares, compared to its average volume of 5,260,014. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.76 and a current ratio of 0.87. The stock has a market capitalization of $287.80 billion, a price-to-earnings ratio of 59.54, a P/E/G ratio of 2.09 and a beta of 0.58. AbbVie Inc. has a one year low of $130.96 and a one year high of $182.89. The stock has a 50 day simple moving average of $176.01 and a 200 day simple moving average of $159.91.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.03. The business had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.60 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 11.12 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio is currently 227.11%.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the sale, the executive vice president now directly owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now directly owns 519,099 shares of the company’s stock, valued at approximately $92,020,679.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the sale, 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. In the last three months, insiders have sold 383,324 shares of company stock valued at $67,780,003. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ABBV shares. Raymond James raised their price objective on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Truist Financial lifted their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. BMO Capital Markets lifted their price target on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Three 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 company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $177.43.

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.