Connor Clark & Lunn Investment Management Ltd. Sells 6,555 Shares of AbbVie Inc. (NYSE:ABBV)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 33.2% in the fourth quarter, Holdings Channel reports. The firm owned 13,196 shares of the company’s stock after selling 6,555 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in AbbVie were worth $2,345,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. RPg Family Wealth Advisory LLC bought a new stake in AbbVie during the third quarter worth approximately $28,000. Fiduciary Advisors Inc. bought a new stake in AbbVie during the fourth quarter worth approximately $29,000. Promus Capital LLC bought a new stake in AbbVie during the fourth quarter worth approximately $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie during the fourth quarter worth approximately $31,000. Finally, Retirement Wealth Solutions LLC bought a new stake in AbbVie during the fourth quarter worth approximately $35,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.3 %

Shares of NYSE:ABBV opened at $213.80 on Wednesday. AbbVie Inc. has a 52 week low of $153.58 and a 52 week high of $218.66. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. The company’s fifty day moving average is $192.47 and its 200-day moving average is $188.31. The company has a market capitalization of $377.43 billion, a PE ratio of 89.08, a P/E/G ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV) last issued 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 quarter last year, the company posted $2.79 earnings per share. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced 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 of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.07%. AbbVie’s dividend payout ratio is presently 273.33%.

Insider Activity

In other 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 value of $1,143,466.20. Following 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 Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This represents a 62.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,639 shares of company stock worth $11,067,025. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on ABBV shares. Morgan Stanley upped 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. Truist Financial upped their price target on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Daiwa Capital Markets lowered AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price target for the company. in a report on Thursday, December 5th. Bank of America upped their price target on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Finally, BMO Capital Markets upped their price target on AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently 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.