Financial Management Network Inc. Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

Financial Management Network Inc. decreased its position in AbbVie Inc. (NYSE:ABBV) by 3.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,429 shares of the company’s stock after selling 96 shares during the period. Financial Management Network Inc.’s holdings in AbbVie were worth $440,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. AMF Tjanstepension AB purchased a new position in shares of AbbVie during the 3rd quarter worth approximately $8,777,000. Swedbank AB boosted its position in shares of AbbVie by 0.3% during the 3rd quarter. Swedbank AB now owns 2,147,126 shares of the company’s stock worth $424,014,000 after purchasing an additional 6,810 shares during the period. Howard Capital Management Group LLC boosted its position in shares of AbbVie by 20.3% during the 3rd quarter. Howard Capital Management Group LLC now owns 2,012 shares of the company’s stock worth $397,000 after purchasing an additional 339 shares during the period. Evernest Financial Advisors LLC purchased a new position in shares of AbbVie during the 3rd quarter worth approximately $267,000. Finally, Horst & Graben Wealth Management LLC purchased a new position in shares of AbbVie during the 3rd quarter worth approximately $226,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.25% of the stock is currently owned by insiders.

AbbVie Trading Up 1.8 %

NYSE ABBV opened at $196.36 on Wednesday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The firm’s fifty day moving average price is $179.25 and its 200 day moving average price is $186.06. The company has a market capitalization of $347.00 billion, a price-to-earnings ratio of 81.82, a price-to-earnings-growth ratio of 1.53 and a beta of 0.58. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 31st. The company reported $2.16 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 257.91%. During the same quarter in the previous year, the company earned $2.79 earnings per share. On average, sell-side analysts expect that AbbVie Inc. will post 12.32 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is currently 273.33%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ABBV shares. Piper Sandler increased 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. Bank of America reiterated a “neutral” rating and set a $191.00 target price on shares of AbbVie in a report on Tuesday, December 10th. Wells Fargo & Company increased their target price on shares of AbbVie from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. reduced their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Finally, Raymond James reiterated an “outperform” rating and set a $220.00 target price (up from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Five 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $208.35.

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.