Concurrent Investment Advisors LLC Buys 4,980 Shares of AbbVie Inc. (NYSE:ABBV)

Concurrent Investment Advisors LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 74,113 shares of the company’s stock after purchasing an additional 4,980 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in AbbVie were worth $13,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. RPg Family Wealth Advisory LLC bought a new stake in shares of AbbVie during the 3rd quarter valued at $28,000. Fiduciary Advisors Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at $29,000. Retirement Wealth Solutions LLC bought a new position in AbbVie in the 4th quarter worth about $35,000. Mizuho Securities Co. Ltd. increased its stake in AbbVie by 100.0% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in AbbVie in the 3rd quarter worth about $39,000. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of 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 represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ABBV shares. Daiwa America lowered AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Wolfe Research started coverage on AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 target price on the stock. Piper Sandler Companies restated an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a research note on Tuesday, December 17th. Raymond James restated an “outperform” rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Finally, Truist Financial upped their target price on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $208.35.

AbbVie Price Performance

ABBV opened at $197.30 on Thursday. The stock’s 50 day simple moving average is $179.67 and its 200 day simple moving average is $186.11. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $207.32. The firm has a market cap of $348.66 billion, a price-to-earnings ratio of 82.21, a PEG ratio of 1.53 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 net margin of 7.59% and a return on equity of 257.91%. During the same quarter in the prior year, the company earned $2.79 EPS. As a group, analysts predict that AbbVie Inc. will post 12.32 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed 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 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) is 273.33%.

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.