Convergence Investment Partners LLC Increases Stake in AbbVie Inc. (NYSE:ABBV)

Convergence Investment Partners LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.7% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 31,249 shares of the company’s stock after buying an additional 1,402 shares during the period. AbbVie comprises about 1.2% of Convergence Investment Partners LLC’s holdings, making the stock its 13th largest position. Convergence Investment Partners LLC’s holdings in AbbVie were worth $5,553,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. GGM Financials LLC increased its position in shares of AbbVie by 0.7% during the third quarter. GGM Financials LLC now owns 6,895 shares of the company’s stock valued at $1,362,000 after buying an additional 50 shares during the period. Dillon & Associates Inc. boosted its stake in AbbVie by 0.8% during the third quarter. Dillon & Associates Inc. now owns 6,914 shares of the company’s stock worth $1,362,000 after acquiring an additional 52 shares in the last quarter. WFA Asset Management Corp boosted its stake in AbbVie by 0.8% during the third quarter. WFA Asset Management Corp now owns 7,003 shares of the company’s stock worth $1,383,000 after acquiring an additional 55 shares in the last quarter. Carr Financial Group Corp boosted its stake in AbbVie by 1.1% during the third quarter. Carr Financial Group Corp now owns 5,274 shares of the company’s stock worth $1,041,000 after acquiring an additional 56 shares in the last quarter. Finally, Wealthstream Advisors Inc. boosted its stake in AbbVie by 3.0% during the third quarter. Wealthstream Advisors Inc. now owns 1,954 shares of the company’s stock worth $386,000 after acquiring an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.8 %

Shares of ABBV stock opened at $196.36 on Wednesday. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $207.32. The stock has a market cap of $347.00 billion, a P/E ratio of 81.82, a P/E/G ratio of 1.53 and a beta of 0.58. 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 company has a 50 day simple moving average of $179.25 and a two-hundred day simple moving average of $186.06.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the previous year, the firm earned $2.79 EPS. On average, research analysts expect that AbbVie Inc. will post 12.32 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed 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 is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.34%. AbbVie’s dividend payout ratio (DPR) is presently 273.33%.

Analysts Set New Price Targets

ABBV has been the topic of several research reports. Bank of America reissued a “neutral” rating and set a $191.00 price objective on shares of AbbVie in a research note on Tuesday, December 10th. Piper Sandler upped their target price on shares of AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Wolfe Research assumed coverage on shares of AbbVie in a research note on Friday, November 15th. They issued an “outperform” rating and a $205.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two 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 price target of $208.35.

Insider Transactions at AbbVie

In other news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now directly 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.25% of the company’s stock.

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.