AbbVie Inc. (NYSE:ABBV) Stock Position Boosted by RNC Capital Management LLC

RNC Capital Management LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 0.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,769 shares of the company’s stock after acquiring an additional 154 shares during the period. AbbVie accounts for approximately 3.6% of RNC Capital Management LLC’s portfolio, making the stock its 4th largest position. RNC Capital Management LLC’s holdings in AbbVie were worth $59,628,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ABBV. Moneta Group Investment Advisors LLC boosted its stake in shares of AbbVie by 89,097.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after buying an additional 29,170,366 shares during the period. Norges Bank purchased a new stake in AbbVie in the 4th quarter valued at approximately $3,033,348,000. Massachusetts Financial Services Co. MA grew its holdings in AbbVie by 29,922.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock worth $899,186,000 after acquiring an additional 6,012,281 shares during the period. Morgan Stanley grew its holdings in AbbVie by 17.9% during the fourth quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after acquiring an additional 4,785,277 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in AbbVie by 426.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after acquiring an additional 3,768,579 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,949 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $178.79, for a total transaction of $10,539,491.71. Following the transaction, the executive vice president now directly owns 60,941 shares in the company, valued at $10,895,641.39. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 383,324 shares of company stock valued at $67,780,003. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $180.35 on Thursday. The firm has a market capitalization of $319.34 billion, a PE ratio of 66.06, a P/E/G ratio of 2.27 and a beta of 0.58. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. The business has a 50-day moving average of $174.15 and a two-hundred day moving average of $157.81. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The business had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the firm earned $3.60 earnings per share. The company’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, research analysts forecast that AbbVie Inc. will post 11.15 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio is currently 227.11%.

Analyst Ratings Changes

A number of research analysts recently weighed in on ABBV shares. The Goldman Sachs Group raised AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 price objective on the stock in a report on Monday, December 11th. HSBC downgraded AbbVie from a “buy” rating to a “hold” rating and decreased their target price for the stock from $167.00 to $156.00 in a research report on Monday, December 18th. Truist Financial boosted their target price on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Barclays boosted their target price on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, BMO Capital Markets boosted their target price on AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $177.43.

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.