CIBC Private Wealth Group LLC Has $188.16 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

CIBC Private Wealth Group LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 2.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,054,103 shares of the company’s stock after selling 23,714 shares during the period. CIBC Private Wealth Group LLC’s holdings in AbbVie were worth $188,157,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Bell Private Wealth Management LLC increased its stake in AbbVie by 30.4% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company’s stock valued at $40,000 after purchasing an additional 52 shares in the last quarter. Physicians Financial Services Inc. lifted its stake in AbbVie by 0.5% during the 4th quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company’s stock valued at $2,159,000 after acquiring an additional 55 shares in the last quarter. Armstrong Advisory Group Inc. boosted its holdings in AbbVie by 0.6% during the 4th quarter. Armstrong Advisory Group Inc. now owns 9,842 shares of the company’s stock worth $1,749,000 after acquiring an additional 58 shares during the last quarter. Doliver Advisors LP grew its stake in shares of AbbVie by 1.1% in the 4th quarter. Doliver Advisors LP now owns 5,276 shares of the company’s stock worth $938,000 after acquiring an additional 59 shares in the last quarter. Finally, Sound Financial Strategies Group LLC raised its holdings in shares of AbbVie by 5.3% in the fourth quarter. Sound Financial Strategies Group LLC now owns 1,197 shares of the company’s stock valued at $213,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 1.2 %

Shares of ABBV stock opened at $205.12 on Friday. The stock has a market capitalization of $362.85 billion, a price-to-earnings ratio of 85.47, a PEG ratio of 1.62 and a beta of 0.61. The company’s fifty day simple moving average is $197.50 and its two-hundred day simple moving average is $188.95. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.20%. AbbVie’s dividend payout ratio is currently 273.33%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ABBV. Guggenheim boosted their price target on shares of AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Daiwa Capital Markets downgraded AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research note on Thursday, December 5th. Citigroup upped their target price on AbbVie from $205.00 to $215.00 and gave the company a “buy” rating in a report on Monday, February 3rd. BMO Capital Markets lifted 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. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average target price of $211.45.

Insider Buying and Selling

In related news, SVP Kevin K. Buckbee sold 18,944 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were 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 directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. The trade was a 40.32 % decrease in their position. 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. Company insiders own 0.25% of the company’s stock.

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.