Spinnaker Investment Group LLC Lowers Stake in AbbVie Inc. (NYSE:ABBV)

Spinnaker Investment Group LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,651 shares of the company’s stock after selling 80 shares during the period. Spinnaker Investment Group LLC’s holdings in AbbVie were worth $649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of ABBV. APG Asset Management US Inc. lifted its holdings in shares of AbbVie by 10.5% in the second quarter. APG Asset Management US Inc. now owns 558,327 shares of the company’s stock worth $95,122,000 after buying an additional 53,265 shares in the last quarter. APG Asset Management N.V. lifted its stake in AbbVie by 0.9% in the 2nd quarter. APG Asset Management N.V. now owns 1,751,073 shares of the company’s stock worth $280,237,000 after purchasing an additional 15,962 shares in the last quarter. Delta Investment Management LLC boosted its holdings in shares of AbbVie by 4.2% during the 2nd quarter. Delta Investment Management LLC now owns 3,788 shares of the company’s stock valued at $650,000 after purchasing an additional 154 shares during the last quarter. Daymark Wealth Partners LLC increased its holdings in shares of AbbVie by 79.5% in the second quarter. Daymark Wealth Partners LLC now owns 76,748 shares of the company’s stock worth $13,164,000 after purchasing an additional 33,981 shares during the last quarter. Finally, MBB Public Markets I LLC increased its holdings in shares of AbbVie by 2,174.2% in the second quarter. MBB Public Markets I LLC now owns 126,376 shares of the company’s stock worth $21,676,000 after purchasing an additional 120,819 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on ABBV shares. Daiwa America cut AbbVie from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 5th. Leerink Partners raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $206.00 price target on the stock in a research note on Friday, November 22nd. Sanford C. Bernstein assumed coverage on shares of AbbVie in a research note on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Bank of America restated a “neutral” rating and set a $191.00 target price on shares of AbbVie in a research report on Tuesday, December 10th. Finally, Wolfe Research assumed coverage on shares of AbbVie in a report on Friday, November 15th. They issued an “outperform” rating and a $205.00 price target for the company. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $205.50.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $170.42 on Friday. The firm’s 50 day simple moving average is $175.72 and its 200-day simple moving average is $184.73. The company has a debt-to-equity ratio of 9.64, a quick ratio of 0.54 and a current ratio of 0.65. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32. The firm has a market cap of $301.15 billion, a PE ratio of 59.17, a price-to-earnings-growth ratio of 1.71 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. AbbVie had a return on equity of 244.01% and a net margin of 9.22%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. During the same period last year, the business posted $2.95 EPS. AbbVie’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts predict that AbbVie Inc. will post 10.06 EPS for the current year.

AbbVie Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, January 15th. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a yield of 3.85%. AbbVie’s dividend payout ratio is 227.78%.

Insiders Place Their Bets

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $172.24, for a total transaction of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by company insiders.

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.