Cherry Creek Investment Advisors Inc. Acquires 329 Shares of AbbVie Inc. (NYSE:ABBV)

Cherry Creek Investment Advisors Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 1.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 29,257 shares of the company’s stock after buying an additional 329 shares during the quarter. AbbVie accounts for about 2.7% of Cherry Creek Investment Advisors Inc.’s investment portfolio, making the stock its 12th largest holding. Cherry Creek Investment Advisors Inc.’s holdings in AbbVie were worth $4,534,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of AbbVie by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock valued at $23,961,001,000 after purchasing an additional 1,450,089 shares during the period. Morgan Stanley lifted its stake in shares of AbbVie by 2.9% in the 3rd quarter. Morgan Stanley now owns 32,175,527 shares of the company’s stock valued at $4,796,085,000 after purchasing an additional 914,485 shares during the period. Moneta Group Investment Advisors LLC lifted its stake in shares of AbbVie by 89,097.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares during the period. Northern Trust Corp lifted its stake in shares of AbbVie by 2.3% in the 3rd quarter. Northern Trust Corp now owns 21,936,279 shares of the company’s stock valued at $3,269,822,000 after purchasing an additional 491,391 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in AbbVie by 1.8% during the third quarter. Bank of New York Mellon Corp now owns 20,356,072 shares of the company’s stock valued at $3,034,276,000 after buying an additional 352,817 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

Shares of ABBV traded down $0.54 during trading hours on Wednesday, hitting $169.60. The stock had a trading volume of 1,782,722 shares, compared to its average volume of 5,671,703. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.87 and a quick ratio of 0.76. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $182.89. The firm has a market capitalization of $300.30 billion, a PE ratio of 62.22, a PEG ratio of 2.17 and a beta of 0.58. The stock has a fifty day moving average price of $176.46 and a 200 day moving average price of $159.49.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, February 2nd. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.76 by $0.03. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The company had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the company posted $3.60 earnings per share. AbbVie’s revenue was down 5.4% compared to the same quarter last year. Analysts anticipate that AbbVie Inc. will post 11.1 EPS for the current year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.66%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is presently 227.11%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent research reports. Raymond James lifted their price objective on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. BMO Capital Markets lifted their price objective on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Truist Financial lifted their price objective on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. HSBC cut AbbVie from a “buy” rating to a “hold” rating and lowered their price objective for the company from $167.00 to $156.00 in a research note on Monday, December 18th. Finally, Barclays lifted their price objective on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Wednesday, March 27th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $177.43.

Insider Buying and Selling at AbbVie

In other AbbVie news, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $177.44, for a total transaction of $2,509,001.60. Following the completion of the sale, the chief financial officer now owns 27,065 shares of the company’s stock, valued at $4,802,413.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott T. Reents sold 14,140 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $177.44, for a total value of $2,509,001.60. Following the completion of the transaction, the chief financial officer now owns 27,065 shares in the company, valued at $4,802,413.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 383,324 shares of company stock valued at $67,780,003. Company 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.