Berkshire Bank Acquires 1,181 Shares of AbbVie Inc. (NYSE:ABBV)

Berkshire Bank lifted its stake in AbbVie Inc. (NYSE:ABBV) by 41.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,050 shares of the company’s stock after buying an additional 1,181 shares during the period. Berkshire Bank’s holdings in AbbVie were worth $720,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Cherry Creek Investment Advisors Inc. boosted its holdings in shares of AbbVie by 0.9% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 28,034 shares of the company’s stock worth $4,982,000 after acquiring an additional 237 shares in the last quarter. Parsons Capital Management Inc. RI increased its stake in shares of AbbVie by 20.4% in the fourth quarter. Parsons Capital Management Inc. RI now owns 111,390 shares of the company’s stock valued at $19,794,000 after buying an additional 18,865 shares in the last quarter. West Wealth Group LLC raised its holdings in shares of AbbVie by 21.8% in the fourth quarter. West Wealth Group LLC now owns 1,845 shares of the company’s stock valued at $328,000 after buying an additional 330 shares during the last quarter. Summit Financial Strategies Inc. lifted its position in AbbVie by 88.5% during the 4th quarter. Summit Financial Strategies Inc. now owns 9,457 shares of the company’s stock worth $1,681,000 after buying an additional 4,441 shares in the last quarter. Finally, Lighthouse Wealth Management Inc. bought a new stake in AbbVie during the 4th quarter worth about $1,773,000. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ABBV. Truist Financial reduced their target price on shares of AbbVie from $215.00 to $211.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company increased their price objective on AbbVie to $195.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Morgan Stanley cut their price target on AbbVie from $231.00 to $224.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lowered their price target on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Wednesday, November 13th. Finally, TD Cowen increased their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $205.50.

AbbVie Price Performance

ABBV stock opened at $176.90 on Tuesday. The stock has a market cap of $312.60 billion, a PE ratio of 61.42, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58. The stock has a 50-day moving average price of $175.84 and a two-hundred day moving average price of $184.89. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $207.32. The company has a current ratio of 0.65, a quick ratio of 0.54 and a debt-to-equity ratio of 9.64.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.28 billion. During the same quarter in the previous year, the business posted $2.95 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts forecast 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. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.71%. The ex-dividend date is Wednesday, January 15th. AbbVie’s payout ratio is presently 227.78%.

Insider Transactions at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction 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 represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

AbbVie 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.