Permanent Capital Management LP Purchases New Shares in AbbVie Inc. (NYSE:ABBV)

Permanent Capital Management LP purchased a new stake in AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,293 shares of the company’s stock, valued at approximately $230,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Dorsey & Whitney Trust CO LLC increased its stake in AbbVie by 0.5% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 35,607 shares of the company’s stock valued at $6,327,000 after buying an additional 182 shares during the period. Naviter Wealth LLC lifted its stake in shares of AbbVie by 43.1% in the 4th quarter. Naviter Wealth LLC now owns 19,056 shares of the company’s stock worth $3,386,000 after acquiring an additional 5,736 shares during the period. Rialto Wealth Management LLC acquired a new stake in shares of AbbVie in the 4th quarter worth $193,000. Lifeworks Advisors LLC lifted its stake in shares of AbbVie by 24.7% in the 4th quarter. Lifeworks Advisors LLC now owns 42,035 shares of the company’s stock worth $7,470,000 after acquiring an additional 8,337 shares during the period. Finally, Larson Financial Group LLC lifted its stake in shares of AbbVie by 27.0% in the 4th quarter. Larson Financial Group LLC now owns 23,899 shares of the company’s stock worth $4,247,000 after acquiring an additional 5,087 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the transaction, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the transaction, the executive vice president now directly owns 22,381 shares in the company, valued at $4,429,199.90. This trade represents a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,439 shares of company stock valued at $11,377,057. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Bank of America boosted their target price on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research report on Tuesday. BMO Capital Markets boosted their target price on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research 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 research report on Monday, February 3rd. Wolfe Research initiated coverage on AbbVie in a research report on Friday, November 15th. They set an “outperform” rating and a $205.00 target price on the stock. Finally, Piper Sandler boosted their target price on AbbVie from $212.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Five 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $211.45.

AbbVie Trading Up 1.8 %

Shares of AbbVie stock opened at $214.55 on Friday. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $215.66. The firm has a market cap of $378.75 billion, a PE ratio of 89.40, a P/E/G ratio of 1.62 and a beta of 0.58. The business’s fifty day moving average is $187.63 and its two-hundred day moving average is $187.59. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94.

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

AbbVie Dividend Announcement

The company 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 $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) is currently 273.33%.

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.