Princeton Capital Management LLC Sells 826 Shares of AbbVie Inc. (NYSE:ABBV)

Princeton Capital Management LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 9.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,101 shares of the company’s stock after selling 826 shares during the period. Princeton Capital Management LLC’s holdings in AbbVie were worth $1,440,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. RPg Family Wealth Advisory LLC acquired a new stake in shares of AbbVie in the 3rd quarter valued at $28,000. Fiduciary Advisors Inc. acquired a new position in AbbVie in the fourth quarter valued at about $29,000. Promus Capital LLC bought a new stake in AbbVie during the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth approximately $31,000. Finally, Retirement Wealth Solutions LLC bought a new position in shares of AbbVie in the fourth quarter valued at approximately $35,000. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the transaction, the senior vice president now owns 11,496 shares in the company, valued at approximately $2,338,401.36. This trade represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,639 shares of company stock valued at $11,067,025. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research analyst reports. UBS Group increased their price target on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Morgan Stanley lifted their price target on AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Raymond James restated 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. Guggenheim upped their target price on shares of AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, Piper Sandler boosted their price objective on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $211.45.

AbbVie Trading Down 0.4 %

Shares of NYSE:ABBV opened at $209.25 on Tuesday. The company has a 50-day simple moving average of $195.14 and a 200 day simple moving average of $188.73. The company has a market capitalization of $369.40 billion, a P/E ratio of 87.19, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the prior year, the company earned $2.79 EPS. Sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced 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. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s dividend payout ratio is presently 273.33%.

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.