Envestnet Portfolio Solutions Inc. Purchases 5,714 Shares of AbbVie Inc. $ABBV

Envestnet Portfolio Solutions Inc. raised its position in AbbVie Inc. (NYSE:ABBV) by 4.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,452 shares of the company’s stock after buying an additional 5,714 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AbbVie were worth $30,036,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Gambit Capital Management LLC purchased a new position in AbbVie in the 4th quarter valued at approximately $594,000. Rockport Wealth LLC raised its stake in shares of AbbVie by 19.0% during the 4th quarter. Rockport Wealth LLC now owns 1,097 shares of the company’s stock valued at $251,000 after purchasing an additional 175 shares during the period. Aerodigm Wealth LLC purchased a new stake in AbbVie during the 4th quarter worth about $245,000. Stronghold Wealth Management L.L.C. purchased a new position in AbbVie during the 4th quarter valued at about $439,000. Finally, Entrust Financial LLC bought a new stake in shares of AbbVie during the fourth quarter valued at about $244,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other news, EVP Perry C. Siatis sold 22,381 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total transaction of $5,147,630.00. Following the completion of the sale, the executive vice president owned 38,137 shares of the company’s stock, valued at approximately $8,771,510. This represents a 36.98% 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. Also, SVP David Ryan Purdue sold 5,230 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total transaction of $1,221,518.80. Following the completion of the transaction, the senior vice president owned 2,654 shares in the company, valued at $619,868.24. This represents a 66.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Royal Bank Of Canada started coverage on shares of AbbVie in a research note on Tuesday, February 24th. They set an “outperform” rating and a $260.00 price objective for the company. Sanford C. Bernstein restated a “market perform” rating on shares of AbbVie in a research report on Thursday, February 5th. Citigroup lowered their price objective on AbbVie from $235.00 to $230.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 27th. Berenberg Bank set a $275.00 target price on AbbVie in a research report on Tuesday, January 20th. Finally, William Blair reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $253.43.

AbbVie Stock Performance

Shares of AbbVie stock opened at $209.57 on Tuesday. AbbVie Inc. has a 52-week low of $180.25 and a 52-week high of $244.81. The company has a fifty day moving average of $209.82 and a 200-day moving average of $219.92. The stock has a market capitalization of $370.27 billion, a price-to-earnings ratio of 103.24, a price-to-earnings-growth ratio of 0.73 and a beta of 0.32.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.59 by $0.06. AbbVie had a net margin of 5.79% and a negative return on equity of 576.45%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.72 billion. During the same period in the previous year, the firm posted $2.46 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 14.3 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Wednesday, April 15th were paid a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, April 15th. AbbVie’s payout ratio is 340.89%.

About AbbVie

AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.

AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.