J.P. Marvel Investment Advisors LLC Sells 582 Shares of AbbVie Inc. (NYSE:ABBV)

J.P. Marvel Investment Advisors LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,089 shares of the company’s stock after selling 582 shares during the period. AbbVie comprises approximately 2.5% of J.P. Marvel Investment Advisors LLC’s investment portfolio, making the stock its 11th biggest position. J.P. Marvel Investment Advisors LLC’s holdings in AbbVie were worth $15,120,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MN Wealth Advisors LLC lifted its stake in shares of AbbVie by 10.7% in the 4th quarter. MN Wealth Advisors LLC now owns 1,960 shares of the company’s stock valued at $348,000 after acquiring an additional 190 shares during the last quarter. Secured Retirement Advisors LLC lifted its stake in shares of AbbVie by 6.8% in the 4th quarter. Secured Retirement Advisors LLC now owns 1,574 shares of the company’s stock valued at $280,000 after acquiring an additional 100 shares during the last quarter. Strategic Financial Concepts LLC lifted its stake in shares of AbbVie by 56.9% in the 4th quarter. Strategic Financial Concepts LLC now owns 2,329 shares of the company’s stock valued at $414,000 after acquiring an additional 845 shares during the last quarter. Allworth Financial LP lifted its stake in shares of AbbVie by 66.4% in the 4th quarter. Allworth Financial LP now owns 144,019 shares of the company’s stock valued at $24,368,000 after acquiring an additional 57,468 shares during the last quarter. Finally, Principal Securities Inc. lifted its stake in shares of AbbVie by 13.0% in the 4th quarter. Principal Securities Inc. now owns 45,690 shares of the company’s stock valued at $8,119,000 after acquiring an additional 5,248 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABBV. Guggenheim increased 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. BMO Capital Markets increased their price target on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Citigroup raised their target price on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Argus raised AbbVie from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and set a $220.00 target price on shares of AbbVie in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $208.35.

AbbVie Stock Performance

Shares of ABBV opened at $193.00 on Friday. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The stock has a 50-day moving average of $178.93 and a 200-day moving average of $186.04. The company has a market cap of $341.05 billion, a PE ratio of 80.42, a P/E/G ratio of 1.53 and a beta of 0.58. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32.

AbbVie (NYSE:ABBV) last issued its earnings results 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 last year, the company earned $2.79 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.32 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Insider Activity

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of AbbVie 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 completion of the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. The trade was a 20.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is currently owned by company 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.