AbbVie Inc. (NYSE:ABBV) is Pacific Wealth Management’s 7th Largest Position

Pacific Wealth Management decreased its position in AbbVie Inc. (NYSE:ABBV) by 0.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 39,886 shares of the company’s stock after selling 370 shares during the quarter. AbbVie accounts for about 3.8% of Pacific Wealth Management’s investment portfolio, making the stock its 7th biggest holding. Pacific Wealth Management’s holdings in AbbVie were worth $7,088,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Fiduciary Advisors Inc. acquired a new stake in shares of AbbVie in the 4th quarter valued at $29,000. Promus Capital LLC bought a new position in AbbVie during the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of AbbVie in the fourth quarter worth about $31,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie during the 4th quarter worth about $32,000. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of AbbVie during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In related news, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now directly owns 22,381 shares of the company’s stock, valued at approximately $4,429,199.90. This represents a 20.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the sale, the executive vice president now directly 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. Over the last 90 days, insiders sold 113,471 shares of company stock valued at $23,426,451. Corporate insiders own 0.08% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst 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 research note on Monday, February 3rd. Wells Fargo & Company boosted their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Bank of America raised their price target on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Citigroup boosted their price objective on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Finally, Erste Group Bank raised AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $211.45.

AbbVie Price Performance

AbbVie stock opened at $204.93 on Thursday. The stock has a market cap of $362.52 billion, a price-to-earnings ratio of 85.39, a P/E/G ratio of 1.62 and a beta of 0.61. AbbVie Inc. has a 12-month low of $153.58 and a 12-month high of $218.66. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. The business’s 50-day simple moving average is $199.66 and its 200 day simple moving average is $189.22.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts’ consensus estimates 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 in the prior year, the company earned $2.79 EPS. As a group, research 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 issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie’s dividend payout ratio is currently 273.33%.

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.