Riverstone Advisors LLC Purchases Shares of 1,337 AbbVie Inc. (NYSE:ABBV)

Riverstone Advisors LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,337 shares of the company’s stock, valued at approximately $207,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Altfest L J & Co. Inc. grew its stake in shares of AbbVie by 0.9% during the 3rd quarter. Altfest L J & Co. Inc. now owns 23,346 shares of the company’s stock valued at $3,480,000 after acquiring an additional 215 shares during the period. Torray Investment Partners LLC increased its stake in shares of AbbVie by 13.0% in the third quarter. Torray Investment Partners LLC now owns 21,190 shares of the company’s stock worth $3,159,000 after purchasing an additional 2,446 shares in the last quarter. Retirement Planning Co of New England Inc. raised its position in shares of AbbVie by 21.3% during the 3rd quarter. Retirement Planning Co of New England Inc. now owns 26,409 shares of the company’s stock valued at $3,936,000 after purchasing an additional 4,633 shares during the period. Amplius Wealth Advisors LLC lifted its stake in shares of AbbVie by 17.6% during the 4th quarter. Amplius Wealth Advisors LLC now owns 2,668 shares of the company’s stock valued at $413,000 after buying an additional 400 shares in the last quarter. Finally, Synovus Financial Corp lifted its position in shares of AbbVie by 5.4% in the third quarter. Synovus Financial Corp now owns 118,795 shares of the company’s stock valued at $17,709,000 after acquiring an additional 6,139 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.9 %

NYSE:ABBV traded up $1.40 during midday trading on Tuesday, hitting $163.07. 2,328,738 shares of the company traded hands, compared to its average volume of 5,629,264. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. The firm’s fifty day moving average is $176.23 and its 200-day moving average is $159.81. The firm has a market capitalization of $288.74 billion, a P/E ratio of 59.91, a P/E/G ratio of 2.07 and a beta of 0.58. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $182.89.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, February 2nd. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.03. The firm had revenue of $14.30 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The business’s revenue was down 5.4% on a year-over-year basis. During the same quarter last year, the business earned $3.60 EPS. On average, sell-side analysts predict that AbbVie Inc. will post 11.11 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.80%. AbbVie’s dividend payout ratio is 227.11%.

Analysts Set New Price Targets

Several analysts recently issued reports on ABBV shares. Raymond James increased their target price on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. BMO Capital Markets raised their target price on shares of AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Truist Financial boosted their price target on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, February 6th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Finally, Barclays boosted their target price on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 27th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $177.43.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now owns 243,944 shares in the company, valued at approximately $42,375,512.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were 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 owns 243,944 shares of the company’s stock, valued at approximately $42,375,512.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin K. Buckbee sold 5,144 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $176.65, for a total transaction of $908,687.60. Following the completion of the sale, the senior vice president now directly owns 6,983 shares of the company’s stock, valued at $1,233,546.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is currently owned by company insiders.

About AbbVie

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.