Parallel Advisors LLC Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Parallel Advisors LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 0.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 108,185 shares of the company’s stock after selling 620 shares during the period. Parallel Advisors LLC’s holdings in AbbVie were worth $19,224,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ABBV. Cibc World Markets Corp increased its position in AbbVie by 16.3% during the 4th quarter. Cibc World Markets Corp now owns 278,787 shares of the company’s stock valued at $49,540,000 after buying an additional 39,070 shares in the last quarter. GLOBALT Investments LLC GA boosted its stake in AbbVie by 20.8% in the 4th quarter. GLOBALT Investments LLC GA now owns 23,138 shares of the company’s stock worth $4,112,000 after purchasing an additional 3,982 shares in the last quarter. RS Crum Inc. grew its position in AbbVie by 4.6% during the 4th quarter. RS Crum Inc. now owns 2,280 shares of the company’s stock worth $405,000 after purchasing an additional 100 shares during the last quarter. Signature Wealth Management Group increased its stake in AbbVie by 2.0% during the 4th quarter. Signature Wealth Management Group now owns 25,452 shares of the company’s stock valued at $4,523,000 after purchasing an additional 505 shares in the last quarter. Finally, GWN Securities Inc. purchased a new position in shares of AbbVie in the fourth quarter worth $2,402,000. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction that occurred 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 $8,985,223.60. This trade represents a 40.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the sale, the senior vice president now owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This trade represents a 62.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,639 shares of company stock valued at $11,067,025 over the last ninety days. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $211.90 on Monday. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The firm has a fifty day moving average of $191.09 and a 200 day moving average of $188.05. The firm has a market cap of $374.07 billion, a PE ratio of 88.29, a PEG ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66.

AbbVie (NYSE:ABBV) last released 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 return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the previous year, the firm posted $2.79 EPS. As a group, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company 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 dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.10%. AbbVie’s payout ratio is currently 273.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Raymond James reiterated an “outperform” rating and set a $220.00 price target (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. UBS Group lifted their target price on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Leerink Partners upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a report on Friday, November 22nd. Finally, Truist Financial lifted their price objective on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $211.45.

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.