Pinnacle Financial Partners Inc Sells 1,676 Shares of AbbVie Inc. (NYSE:ABBV)

Pinnacle Financial Partners Inc reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 1.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 173,978 shares of the company’s stock after selling 1,676 shares during the quarter. AbbVie comprises 0.6% of Pinnacle Financial Partners Inc’s investment portfolio, making the stock its 29th largest position. Pinnacle Financial Partners Inc’s holdings in AbbVie were worth $31,106,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. State Street Corp boosted its position in shares of AbbVie by 1.6% during the third quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after purchasing an additional 1,267,685 shares in the last quarter. FMR LLC boosted its holdings in AbbVie by 3.9% in the third quarter. FMR LLC now owns 13,630,404 shares of the company’s stock worth $2,691,732,000 after acquiring an additional 511,470 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in AbbVie by 6.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,175,926 shares of the company’s stock worth $2,009,542,000 after acquiring an additional 582,953 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in AbbVie by 4.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,330,779 shares of the company’s stock worth $1,842,642,000 after acquiring an additional 373,802 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in AbbVie by 1.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,119,235 shares of the company’s stock worth $813,467,000 after acquiring an additional 38,854 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

Shares of ABBV opened at $202.03 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The business has a 50-day simple moving average of $180.68 and a two-hundred day simple moving average of $186.29. The stock has a market cap of $356.64 billion, a price-to-earnings ratio of 84.18, a PEG ratio of 1.58 and a beta of 0.58. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $207.32.

AbbVie (NYSE:ABBV) last issued its quarterly 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 return on equity of 296.28% and a net margin of 7.59%. During the same period in the previous year, the firm posted $2.79 earnings per share. On average, analysts expect that AbbVie Inc. will post 12.32 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio is currently 273.33%.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the 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 sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ABBV has been the topic of several analyst reports. Daiwa America downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Guggenheim boosted their target price on AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Morgan Stanley boosted their target price on AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Leerink Partnrs raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Argus raised AbbVie from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned 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 $208.35.

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.