Pacific Wealth Management Boosts Position in AbbVie Inc. (NYSE:ABBV)

Pacific Wealth Management grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 39,671 shares of the company’s stock after buying an additional 99 shares during the quarter. AbbVie comprises approximately 3.5% of Pacific Wealth Management’s holdings, making the stock its 7th largest holding. Pacific Wealth Management’s holdings in AbbVie were worth $6,148,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. Altfest L J & Co. Inc. increased its stake in shares of AbbVie by 0.9% during the third quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock valued at $3,480,000 after purchasing an additional 215 shares in the last quarter. Torray Investment Partners LLC grew its stake in shares of AbbVie by 13.0% in the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock worth $3,159,000 after acquiring an additional 2,446 shares during the period. Retirement Planning Co of New England Inc. boosted its holdings in AbbVie by 21.3% in the third quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock worth $3,936,000 after purchasing an additional 4,633 shares during the last quarter. Amplius Wealth Advisors LLC raised its stake in AbbVie by 17.6% during the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after buying an additional 400 shares during the last quarter. Finally, Synovus Financial Corp boosted its stake in shares of AbbVie by 5.4% in the 3rd quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock worth $17,709,000 after buying an additional 6,139 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV traded up $1.54 during trading hours on Thursday, reaching $165.79. 1,759,872 shares of the stock traded hands, compared to its average volume of 5,600,526. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $182.89. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The company has a market cap of $293.56 billion, a P/E ratio of 60.89, a price-to-earnings-growth ratio of 2.09 and a beta of 0.58. The company’s 50-day moving average price is $175.79 and its two-hundred day moving average price is $159.94.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The firm had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the firm earned $3.60 earnings per share. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 11.17 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.74%. AbbVie’s dividend payout ratio is presently 227.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ABBV shares. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Raymond James increased their price objective on shares of AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Truist Financial boosted their target price on shares of AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, February 6th. Barclays upped their target price on shares of AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Finally, Guggenheim lifted their price target on shares of AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $177.43.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the completion of the transaction, the executive vice president now owns 55,903 shares in the company, valued at $9,855,698.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Nicholas Donoghoe sold 21,082 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total value of $3,716,756.60. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at $9,855,698.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is currently owned by insiders.

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.