Cidel Asset Management Inc. Boosts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Cidel Asset Management Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,194 shares of the company’s stock after purchasing an additional 213 shares during the quarter. Cidel Asset Management Inc.’s holdings in AbbVie were worth $1,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Conning Inc. lifted its stake in shares of AbbVie by 9.2% in the fourth quarter. Conning Inc. now owns 220,900 shares of the company’s stock valued at $39,254,000 after purchasing an additional 18,638 shares during the period. Clarity Wealth Advisors LLC grew its holdings in shares of AbbVie by 3.7% in the 4th quarter. Clarity Wealth Advisors LLC now owns 31,525 shares of the company’s stock worth $5,602,000 after acquiring an additional 1,119 shares during the period. Shepherd Financial Partners LLC raised its holdings in AbbVie by 1.0% during the fourth quarter. Shepherd Financial Partners LLC now owns 25,136 shares of the company’s stock worth $4,467,000 after purchasing an additional 248 shares during the last quarter. Spectrum Investment Advisors Inc. grew its holdings in AbbVie by 2.9% in the fourth quarter. Spectrum Investment Advisors Inc. now owns 2,803 shares of the company’s stock valued at $498,000 after purchasing an additional 78 shares during the last quarter. Finally, Generate Investment Management Ltd purchased a new position in shares of AbbVie in the fourth quarter valued at $8,409,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on ABBV shares. Leerink Partners raised 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. Piper Sandler increased their target price on AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Sanford C. Bernstein started coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Finally, Morgan Stanley upped their target price on shares of AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $208.35.

AbbVie Stock Performance

Shares of AbbVie stock opened at $190.67 on Friday. The firm’s 50-day simple moving average is $177.38 and its 200-day simple moving average is $185.48. 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 $336.94 billion, a PE ratio of 79.45, a price-to-earnings-growth ratio of 1.84 and a beta of 0.58. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65.

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 257.91% and a net margin of 7.59%. During the same quarter in the prior year, the company earned $2.79 earnings per share. Equities analysts forecast that AbbVie Inc. will post 12.26 earnings per share for the current fiscal year.

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.