Confluence Wealth Services Inc. Has $5.01 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Confluence Wealth Services Inc. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 44.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,887 shares of the company's stock after acquiring an additional 7,379 shares during the quarter. Confluence Wealth Services Inc.'s holdings in AbbVie were worth $5,005,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Norges Bank bought a new position in shares of AbbVie during the 4th quarter worth approximately $4,459,385,000. GAMMA Investing LLC boosted its stake in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Raymond James Financial Inc. bought a new stake in AbbVie in the 4th quarter valued at $1,190,951,000. FMR LLC boosted its stake in AbbVie by 32.8% in the 4th quarter. FMR LLC now owns 18,097,375 shares of the company's stock valued at $3,215,903,000 after purchasing an additional 4,466,971 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in AbbVie by 15.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company's stock valued at $4,875,401,000 after purchasing an additional 3,599,336 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Erste Group Bank upgraded AbbVie to a "strong-buy" rating in a research note on Monday, March 17th. Cantor Fitzgerald assumed coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. BNP Paribas upgraded AbbVie to a "hold" rating in a research note on Thursday, May 8th. Citigroup boosted their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Finally, Evercore ISI upped their target price on AbbVie from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and an average price target of $211.29.

AbbVie Price Performance

Shares of AbbVie stock traded down $4.90 during trading on Friday, reaching $181.89. 29,262,557 shares of the company's stock were exchanged, compared to its average volume of 6,249,513. AbbVie Inc. has a 1-year low of $163.52 and a 1-year high of $218.66. The firm's 50-day moving average price is $186.21 and its 200 day moving average price is $188.01. 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 company has a market cap of $321.29 billion, a P/E ratio of 77.40, a PEG ratio of 1.21 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 analysts' consensus estimates of $2.40 by $0.06. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The business had revenue of $13.34 billion during the quarter, compared to analysts' expectations of $12.91 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 yield of 3.61%. AbbVie's payout ratio is presently 279.15%.

Insiders Place Their Bets

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.