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

Axxcess Wealth Management LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,318 shares of the company’s stock after purchasing an additional 3,570 shares during the quarter. Axxcess Wealth Management LLC’s holdings in AbbVie were worth $12,140,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $1,190,951,000. Charles Schwab Investment Management Inc. increased its holdings in shares of AbbVie by 15.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after purchasing an additional 3,599,336 shares during the period. State Street Corp increased its holdings in shares of AbbVie by 1.6% during the 3rd quarter. State Street Corp now owns 79,067,935 shares of the company’s stock worth $15,614,329,000 after purchasing an additional 1,267,685 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of 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 purchasing an additional 1,172,362 shares during the period. Finally, Alecta Tjanstepension Omsesidigt bought a new position in shares of AbbVie during the 4th quarter worth about $186,431,000. Institutional investors own 70.23% of the company’s stock.

Insider Activity

In other news, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the transaction, the executive vice president now directly owns 22,381 shares of the company’s stock, valued at $4,429,199.90. This represents a 20.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total transaction of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares in the company, valued at $2,338,401.36. The trade was a 62.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,639 shares of company stock valued at $11,067,025 over the last ninety days. 0.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of several research reports. UBS Group boosted their price objective on shares of AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley boosted their price objective on shares of AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Leerink Partnrs upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Guggenheim lifted their target price on shares of AbbVie from $212.00 to $214.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Finally, Citigroup lifted their target price on shares of AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, February 3rd. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $211.45.

AbbVie Stock Performance

Shares of ABBV opened at $214.45 on Tuesday. AbbVie Inc. has a 12 month low of $153.58 and a 12 month high of $218.66. The firm has a fifty day simple moving average of $191.78 and a 200 day simple moving average of $188.18. The stock has a market capitalization of $378.57 billion, a price-to-earnings ratio of 89.35, a PEG ratio of 1.62 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

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 return on equity of 296.28% and a net margin of 7.59%. During the same quarter last year, the firm posted $2.79 EPS. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 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 payout ratio is presently 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.