Davis Capital Management Trims Position in AbbVie Inc. (NYSE:ABBV)

Davis Capital Management lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,491 shares of the company’s stock after selling 119 shares during the period. Davis Capital Management’s holdings in AbbVie were worth $976,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Mill Creek Capital Advisors LLC raised its holdings in AbbVie by 9.2% in the 2nd quarter. Mill Creek Capital Advisors LLC now owns 3,737 shares of the company’s stock valued at $641,000 after buying an additional 316 shares during the period. Semmax Financial Advisors Inc. raised its holdings in AbbVie by 33.0% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 589 shares of the company’s stock valued at $101,000 after buying an additional 146 shares during the period. NBW Capital LLC raised its holdings in AbbVie by 1,167.8% in the 2nd quarter. NBW Capital LLC now owns 38,682 shares of the company’s stock valued at $6,635,000 after buying an additional 35,631 shares during the period. Alpha DNA Investment Management LLC raised its holdings in AbbVie by 44.9% in the 2nd quarter. Alpha DNA Investment Management LLC now owns 17,549 shares of the company’s stock valued at $3,010,000 after buying an additional 5,437 shares during the period. Finally, Alley Investment Management Company LLC raised its holdings in AbbVie by 0.4% in the 2nd quarter. Alley Investment Management Company LLC now owns 114,237 shares of the company’s stock valued at $19,594,000 after buying an additional 411 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of ABBV opened at $169.19 on Thursday. The stock has a 50 day moving average price of $175.75 and a 200 day moving average price of $184.84. The company has a quick ratio of 0.54, a current ratio of 0.65 and a debt-to-equity ratio of 9.64. The company has a market capitalization of $298.98 billion, a price-to-earnings ratio of 58.75, a price-to-earnings-growth ratio of 1.69 and a beta of 0.58. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $207.32.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.92 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.95 earnings per share. Research analysts predict that AbbVie Inc. will post 10.06 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.88%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s dividend payout ratio is 227.78%.

Insider Activity at AbbVie

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Truist Financial reduced their price objective on shares of AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Daiwa Capital Markets lowered shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a report on Thursday, December 5th. Leerink Partners raised AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 target price for the company in a research report on Friday, November 22nd. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, BMO Capital Markets dropped their target price on AbbVie from $228.00 to $208.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $205.50.

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.