C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Sells 292 Shares of AbbVie Inc. (NYSE:ABBV)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors trimmed its position in AbbVie Inc. (NYSE:ABBV) by 1.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,002 shares of the company’s stock after selling 292 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in AbbVie were worth $3,732,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Key Financial Inc increased its position in AbbVie by 2.1% in the 4th quarter. Key Financial Inc now owns 15,615 shares of the company’s stock valued at $2,775,000 after buying an additional 315 shares in the last quarter. Waycross Partners LLC increased its position in AbbVie by 3.1% in the 4th quarter. Waycross Partners LLC now owns 135,004 shares of the company’s stock valued at $23,990,000 after buying an additional 4,019 shares in the last quarter. BKM Wealth Management LLC increased its position in AbbVie by 20.3% in the 4th quarter. BKM Wealth Management LLC now owns 1,815 shares of the company’s stock valued at $323,000 after buying an additional 306 shares in the last quarter. Kestra Investment Management LLC increased its position in AbbVie by 28.6% in the 4th quarter. Kestra Investment Management LLC now owns 7,108 shares of the company’s stock valued at $1,263,000 after buying an additional 1,579 shares in the last quarter. Finally, Beaton Management Co. Inc. boosted its stake in AbbVie by 1.1% during the 4th quarter. Beaton Management Co. Inc. now owns 10,550 shares of the company’s stock valued at $1,875,000 after purchasing an additional 116 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ABBV. Guggenheim lifted their price target on AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. Citigroup lifted their price target on AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research note on Monday, February 3rd. UBS Group lifted their price target on AbbVie from $181.00 to $190.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Leerink Partners upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target for the company in a research note on Friday, November 22nd. Finally, Morgan Stanley lifted their price target on AbbVie from $224.00 to $239.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $208.35.

AbbVie Price Performance

AbbVie stock opened at $193.00 on Tuesday. AbbVie Inc. has a 12 month low of $153.58 and a 12 month 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. The business’s 50 day simple moving average is $178.93 and its 200 day simple moving average is $186.04. The company has a market cap of $341.05 billion, a price-to-earnings ratio of 80.42, a PEG ratio of 1.53 and a beta of 0.58.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 257.91%. During the same period in the previous year, the company posted $2.79 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 12.32 EPS for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a $1.64 dividend. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.40%. AbbVie’s dividend payout ratio is presently 273.33%.

Insider Activity at AbbVie

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction 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 transaction, the senior vice president now owns 6,983 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

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.