Axxcess Wealth Management LLC Acquires 3,570 Shares of AbbVie Inc. (NYSE:ABBV)

Axxcess Wealth Management LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 68,318 shares of the company’s stock after purchasing an additional 3,570 shares during the period. Axxcess Wealth Management LLC’s holdings in AbbVie were worth $12,140,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Groupama Asset Managment grew its stake in AbbVie by 40.3% during the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock worth $27,000 after buying an additional 38,974 shares in the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in AbbVie during the third quarter worth about $28,000. Fiduciary Advisors Inc. acquired a new stake in AbbVie during the fourth quarter worth about $29,000. Promus Capital LLC acquired a new stake in AbbVie during the fourth quarter worth about $30,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in AbbVie during the fourth quarter worth about $31,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Up 1.3 %

AbbVie stock opened at $214.45 on Tuesday. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. The firm has a 50 day moving average price of $191.78 and a two-hundred day moving average price of $188.18. The firm has a market cap of $378.57 billion, a price-to-earnings ratio of 89.35, a PEG ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share (EPS) 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 prior year, the business posted $2.79 EPS. Equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business 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 annualized dividend and a dividend yield of 3.06%. AbbVie’s dividend payout ratio is currently 273.33%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ABBV shares. Guggenheim increased their price objective on shares of AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Raymond James restated an “outperform” rating and issued a $220.00 price target (up from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Piper Sandler Companies restated an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a research note on Tuesday, December 17th. Daiwa America downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Finally, Leerink Partners upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a research note on Friday, November 22nd. Five 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

Insider Activity

In other AbbVie news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Timothy J. Richmond sold 29,917 shares of AbbVie stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares in the company, valued at $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,639 shares of company stock worth $11,067,025 in the last quarter. 0.25% of the stock is owned by corporate insiders.

AbbVie 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.