Perennial Investment Advisors LLC Has $690,000 Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Perennial Investment Advisors LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,882 shares of the company’s stock after buying an additional 530 shares during the period. Perennial Investment Advisors LLC’s holdings in AbbVie were worth $690,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fiduciary Advisors Inc. acquired a new stake in AbbVie during the 4th quarter worth approximately $29,000. Promus Capital LLC bought a new position in shares of AbbVie during the fourth quarter valued at $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth $31,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie in the fourth quarter worth $32,000. Finally, Retirement Wealth Solutions LLC acquired a new stake in AbbVie in the fourth quarter valued at $35,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ABBV. Wells Fargo & Company lifted their target price on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Citigroup increased their target price on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Raymond James restated an “outperform” rating and set a $220.00 price target (up previously from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Piper Sandler upped their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Truist Financial lifted their target price on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” 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 three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $211.45.

Insider Buying and Selling

In other news, SVP Kevin K. Buckbee sold 18,944 shares of the business’s 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 sale, the senior vice president now owns 11,496 shares of the company’s stock, valued at approximately $2,338,401.36. The trade was a 62.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,471 shares of company stock worth $23,426,451 in the last quarter. 0.08% of the stock is owned by insiders.

AbbVie Price Performance

AbbVie stock opened at $186.58 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94. The business’s 50 day simple moving average is $200.61 and its 200 day simple moving average is $189.21. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The company has a market cap of $330.06 billion, a price-to-earnings ratio of 77.74, a PEG ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the previous year, the company posted $2.79 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.52%. AbbVie’s dividend payout ratio is 273.33%.

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.