Kendall Capital Management Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Kendall Capital Management decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 30,147 shares of the company’s stock after selling 1,905 shares during the period. AbbVie accounts for about 1.6% of Kendall Capital Management’s portfolio, making the stock its 13th largest position. Kendall Capital Management’s holdings in AbbVie were worth $5,357,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Raymond James Financial Inc. purchased a new stake in shares of AbbVie in the fourth quarter valued at $1,190,951,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of AbbVie by 15.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock valued at $4,875,401,000 after buying an additional 3,599,336 shares in the last quarter. State Street Corp boosted its holdings in shares of AbbVie by 1.6% in the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock valued at $15,614,329,000 after buying an additional 1,267,685 shares in the last quarter. Proficio Capital Partners LLC raised its position in AbbVie by 26,693.1% during the 4th quarter. Proficio Capital Partners LLC now owns 1,176,754 shares of the company’s stock worth $209,109,000 after buying an additional 1,172,362 shares during the last quarter. Finally, Alecta Tjanstepension Omsesidigt purchased a new position in AbbVie during the 4th quarter worth approximately $186,431,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.8 %

NYSE:ABBV opened at $214.55 on Friday. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $215.66. The stock has a market cap of $378.75 billion, a price-to-earnings ratio of 89.40, a PEG ratio of 1.62 and a beta of 0.61. The business has a fifty day moving average of $187.63 and a 200-day moving average of $187.53. 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 (NYSE:ABBV) last announced its earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the previous year, the company earned $2.79 EPS. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s payout ratio is currently 273.33%.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 6,983 shares of the company’s stock, valued at $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the sale, the executive vice president now owns 44,284 shares of the company’s stock, valued at $8,985,223.60. This represents a 40.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 56,439 shares of company stock valued at $11,377,057 in the last three months. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ABBV. Raymond James reissued an “outperform” rating and issued a $220.00 price target (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Piper Sandler upped their price objective on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Wolfe Research began coverage on shares of AbbVie in a research report on Friday, November 15th. They issued an “outperform” rating and a $205.00 target price on the stock. Wells Fargo & Company increased their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Truist Financial increased their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.45.

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.