546,556 Shares in AbbVie Inc. (NYSE:ABBV) Bought by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. purchased a new stake in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, Holdings Channel.com reports. The firm purchased 546,556 shares of the company’s stock, valued at approximately $97,148,000. AbbVie accounts for 0.6% of Resona Asset Management Co. Ltd.’s investment portfolio, making the stock its 27th largest holding.

A number of other institutional investors also recently modified their holdings of the company. Fiduciary Advisors Inc. acquired a new position in AbbVie during the fourth quarter worth $29,000. Promus Capital LLC acquired a new position in shares of AbbVie during the 4th quarter worth about $30,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of AbbVie in the 4th quarter valued at about $31,000. Prudent Man Investment Management Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at about $32,000. Finally, Retirement Wealth Solutions LLC bought a new stake in AbbVie during the fourth quarter worth about $35,000. 70.23% of the stock is currently owned by institutional investors.

Insider Activity

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 44,284 shares in the company, valued at $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. The trade was a 52.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,471 shares of company stock worth $23,426,451. 0.08% of the stock is currently owned by company insiders.

AbbVie Trading Down 7.5 %

Shares of AbbVie stock opened at $186.58 on Friday. 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 firm has a 50-day moving average of $200.61 and a 200-day moving average of $189.24. AbbVie Inc. has a 52-week low of $153.58 and a 52-week high of $218.66. The stock has a market cap of $330.06 billion, a PE ratio of 77.74, a PEG ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV) last posted 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 quarter in the prior year, the company posted $2.79 earnings per share. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 annualized dividend and a yield of 3.52%. AbbVie’s dividend payout ratio is presently 273.33%.

Analyst Ratings Changes

Several research analysts have weighed in on ABBV shares. Wells Fargo & Company boosted their price target on 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 upped their price target on shares of AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Raymond James reissued an “outperform” rating and issued a $220.00 price objective (up previously from $218.00) on shares of AbbVie in a research report on Monday, February 3rd. Truist Financial upped their target price on shares of AbbVie from $211.00 to $217.00 and gave the company a “buy” rating in a report on Monday, February 3rd. Finally, Citigroup lifted their price target on AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a report on Monday, February 3rd. Five investment 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. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price 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.