Colonial River Investments LLC Sells 2,278 Shares of AbbVie Inc. (NYSE:ABBV)

Colonial River Investments LLC lessened its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 30.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,263 shares of the company's stock after selling 2,278 shares during the period. Colonial River Investments LLC's holdings in AbbVie were worth $1,103,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EnRich Financial Partners LLC lifted its holdings in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares during the period. Promus Capital LLC bought a new position in AbbVie in the fourth quarter valued at about $30,000. Prudent Man Investment Management Inc. bought a new position in AbbVie in the fourth quarter valued at about $32,000. Siemens Fonds Invest GmbH lifted its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after acquiring an additional 119,141 shares during the period. Finally, Pinney & Scofield Inc. bought a new position in AbbVie in the fourth quarter valued at about $36,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ABBV. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Evercore ISI raised their target price on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Bank of America raised their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Finally, Citigroup raised their price objective on AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $211.29.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $181.89 on Friday. AbbVie Inc. has a 52-week low of $163.52 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The firm's fifty day moving average is $186.21 and its two-hundred day moving average is $187.92. The company has a market cap of $321.29 billion, a P/E ratio of 77.40, a P/E/G ratio of 1.24 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The firm had revenue of $13.34 billion for the quarter, compared to analysts' expectations of $12.91 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. The business's revenue was up 8.4% compared to the same quarter last year. As a group, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.61%. AbbVie's dividend payout ratio (DPR) is presently 279.15%.

Insider Transactions at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. The trade was a 52.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.25% of the company's stock.

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.

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