Allstate Corp Grows Holdings in AbbVie Inc. (NYSE:ABBV)

Allstate Corp raised its position in AbbVie Inc. (NYSE:ABBV) by 3,114.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 52,499 shares of the company’s stock after purchasing an additional 50,866 shares during the period. Allstate Corp’s holdings in AbbVie were worth $9,329,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Fiduciary Advisors Inc. purchased a new position in shares of AbbVie in the 4th quarter worth about $29,000. Promus Capital LLC bought a new stake in AbbVie in the fourth quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in AbbVie in the fourth quarter valued at about $31,000. Retirement Wealth Solutions LLC purchased a new stake in shares of AbbVie during the 4th quarter worth approximately $35,000. Finally, Halbert Hargrove Global Advisors LLC bought a new stake in shares of AbbVie in the 4th quarter worth approximately $39,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ABBV shares. Truist Financial raised their target price on AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Daiwa Capital Markets lowered AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective for the company. in a report on Thursday, December 5th. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Raymond James reiterated an “outperform” rating and issued a $220.00 target price (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Finally, Wells Fargo & Company upped their price target on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.45.

AbbVie Stock Performance

NYSE ABBV opened at $205.12 on Friday. The company has a market capitalization of $362.85 billion, a P/E ratio of 85.47, a P/E/G ratio of 1.62 and a beta of 0.61. 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 Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. The company has a fifty day moving average of $197.50 and a 200-day moving average of $189.02.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 prior year, the business earned $2.79 EPS. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is 273.33%.

Insider Activity at AbbVie

In other news, EVP Perry C. Siatis sold 5,778 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. This trade 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 is accessible through this hyperlink. Also, SVP Kevin K. Buckbee sold 18,944 shares of the company’s stock in a transaction on 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 sale, the senior vice president now 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 90 days, insiders have sold 54,639 shares of company stock valued at $11,067,025. Insiders own 0.25% of the company’s stock.

AbbVie Company 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.