AbbVie Inc. (NYSE:ABBV) is Pacific Wealth Management’s 7th Largest Position

Pacific Wealth Management decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,886 shares of the company’s stock after selling 370 shares during the quarter. AbbVie accounts for about 3.8% of Pacific Wealth Management’s holdings, making the stock its 7th biggest position. Pacific Wealth Management’s holdings in AbbVie were worth $7,088,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ABBV. Disciplined Investors L.L.C. purchased a new position in AbbVie during the 4th quarter valued at about $217,000. OneAscent Financial Services LLC grew its position in shares of AbbVie by 17.0% in the fourth quarter. OneAscent Financial Services LLC now owns 10,272 shares of the company’s stock valued at $1,825,000 after purchasing an additional 1,490 shares during the last quarter. Huntington National Bank increased its stake in shares of AbbVie by 1.3% during the 4th quarter. Huntington National Bank now owns 531,162 shares of the company’s stock worth $94,388,000 after purchasing an additional 6,943 shares in the last quarter. Intrepid Capital Management Inc. lifted its stake in AbbVie by 9.4% in the 4th quarter. Intrepid Capital Management Inc. now owns 1,652 shares of the company’s stock valued at $294,000 after buying an additional 142 shares in the last quarter. Finally, Kesler Norman & Wride LLC acquired a new stake in AbbVie during the 4th quarter valued at $746,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other news, EVP Perry C. Siatis sold 5,778 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now directly owns 22,381 shares of the company’s stock, valued at $4,429,199.90. This represents a 20.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kevin K. Buckbee sold 18,944 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares in the company, valued at $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,471 shares of company stock worth $23,426,451. Corporate insiders own 0.08% of the company’s stock.

AbbVie Trading Down 0.6 %

AbbVie stock opened at $204.93 on Thursday. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The stock has a market capitalization of $362.52 billion, a PE ratio of 85.39, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. The firm has a 50 day simple moving average of $199.66 and a 200-day simple moving average of $189.22.

AbbVie (NYSE:ABBV) last issued 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 net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the business earned $2.79 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is 273.33%.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent research reports. Wells Fargo & Company upped their price objective on AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Raymond James restated an “outperform” rating and issued a $220.00 target price (up from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Truist Financial lifted their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Piper Sandler Companies reissued an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a research report on Tuesday, December 17th. Finally, Piper Sandler raised their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus 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.