Latitude Advisors LLC Has $393,000 Holdings in AbbVie Inc. (NYSE:ABBV)

Latitude Advisors LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 18.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,539 shares of the company’s stock after selling 576 shares during the period. Latitude Advisors LLC’s holdings in AbbVie were worth $393,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Scissortail Wealth Management LLC lifted its holdings in shares of AbbVie by 1,764.3% in the fourth quarter. Scissortail Wealth Management LLC now owns 25,932 shares of the company’s stock valued at $4,251,000 after purchasing an additional 24,541 shares in the last quarter. Tyche Wealth Partners LLC bought a new position in shares of AbbVie in the fourth quarter valued at approximately $2,192,000. Aspen Wealth Strategies LLC lifted its holdings in shares of AbbVie by 0.5% in the fourth quarter. Aspen Wealth Strategies LLC now owns 11,463 shares of the company’s stock valued at $1,776,000 after purchasing an additional 61 shares in the last quarter. Arbor Trust Wealth Advisors LLC lifted its holdings in shares of AbbVie by 0.5% in the fourth quarter. Arbor Trust Wealth Advisors LLC now owns 46,553 shares of the company’s stock valued at $7,214,000 after purchasing an additional 225 shares in the last quarter. Finally, HealthInvest Partners AB bought a new position in shares of AbbVie in the fourth quarter valued at approximately $3,285,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In related 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 transaction of $9,184,047.70. Following the completion of the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at $42,375,512.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the company’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 completion of the transaction, the executive vice president now directly owns 243,944 shares in the company, valued at approximately $42,375,512.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kevin K. Buckbee sold 5,144 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the completion of the transaction, the senior vice president now 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 sold 383,324 shares of company stock worth $67,780,003. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of NYSE ABBV traded up $0.87 during mid-day trading on Wednesday, hitting $162.54. The company had a trading volume of 4,881,516 shares, compared to its average volume of 5,260,014. The company has a market capitalization of $287.80 billion, a price-to-earnings ratio of 59.54, a P/E/G ratio of 2.09 and a beta of 0.58. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $182.89. 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 stock’s 50-day moving average price is $176.01 and its 200-day moving average price is $159.91.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.76 by $0.03. The company had revenue of $14.30 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.60 earnings per share. On average, sell-side analysts forecast that AbbVie Inc. will post 11.12 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is presently 227.11%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ABBV. BMO Capital Markets raised their target price on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Barclays lifted their price target on AbbVie from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Wednesday, March 27th. Truist Financial lifted their price target on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, February 6th. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Finally, Guggenheim lifted their price target on AbbVie from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $177.43.

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.