Snider Financial Group Makes New $222,000 Investment in AbbVie Inc. (NYSE:ABBV)

Snider Financial Group acquired a new stake in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 1,248 shares of the company’s stock, valued at approximately $222,000.

A number of other institutional investors have also made changes to their positions in the business. State Street Corp increased its stake in AbbVie by 1.6% in the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after buying an additional 1,267,685 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in AbbVie by 15.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares in the last quarter. FMR LLC boosted its position in AbbVie by 3.9% during the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock valued at $2,691,732,000 after purchasing an additional 511,470 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock valued at $2,009,542,000 after purchasing an additional 582,953 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in AbbVie by 4.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock valued at $1,842,642,000 after purchasing an additional 373,802 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.6 %

NYSE ABBV opened at $208.12 on Wednesday. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $215.66. The business has a fifty day moving average price of $185.64 and a two-hundred day moving average price of $187.14. 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 stock has a market capitalization of $367.40 billion, a PE ratio of 86.72, a PEG ratio of 1.62 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the firm posted $2.79 earnings per share. Equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.15%. AbbVie’s payout ratio is currently 273.33%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a report on Tuesday, December 17th. Raymond James reissued an “outperform” rating and issued a $220.00 price objective (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Morgan Stanley upped their target price on shares of AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. reduced their price target on AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, November 13th. Finally, Daiwa Capital Markets lowered AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a research note on Thursday, December 5th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $209.95.

Insiders Place Their Bets

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the sale, the senior vice president now owns 11,496 shares in the company, valued at $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,439 shares of company stock worth $11,377,057. Corporate 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.