Concorde Asset Management LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Concorde Asset Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,909 shares of the company’s stock after selling 194 shares during the period. Concorde Asset Management LLC’s holdings in AbbVie were worth $517,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fiduciary Advisors Inc. bought a new position in AbbVie in the fourth quarter worth approximately $29,000. EnRich Financial Partners LLC lifted its holdings in shares of AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after buying an additional 110 shares during the period. Promus Capital LLC bought a new position in shares of AbbVie during the 4th quarter worth $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter valued at $31,000. Finally, Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie in the fourth quarter valued at about $32,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on ABBV. UBS Group raised their target price on shares of AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Wells Fargo & Company lifted their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Erste Group Bank upgraded AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Morgan Stanley lifted their price target on AbbVie from $239.00 to $241.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Piper Sandler Companies restated an “overweight” rating and set a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $210.71.

AbbVie Trading Down 3.4 %

Shares of NYSE:ABBV opened at $173.80 on Friday. The business has a 50-day moving average price of $200.47 and a 200-day moving average price of $188.60. The stock has a market cap of $307.44 billion, a price-to-earnings ratio of 72.42, a PEG ratio of 1.62 and a beta of 0.55. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV) last posted its quarterly 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 return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the previous year, the business earned $2.79 EPS. Equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.77%. AbbVie’s payout ratio is currently 273.33%.

Insider Activity

In related news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the transaction, the executive vice president now directly owns 22,381 shares in the company, valued at $4,429,199.90. The trade was a 20.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the sale, the executive vice president now directly owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 113,471 shares of company stock valued at $23,426,451 in the last quarter. 0.25% of the stock is currently owned by company insiders.

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.