Matrix Asset Advisors Inc. NY Sells 64,910 Shares of AbbVie Inc. (NYSE:ABBV)

Matrix Asset Advisors Inc. NY cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 62.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 39,119 shares of the company's stock after selling 64,910 shares during the period. Matrix Asset Advisors Inc. NY's holdings in AbbVie were worth $8,196,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ABBV. EnRich Financial Partners LLC lifted its position in AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares in the last quarter. Promus Capital LLC acquired a new position in shares of AbbVie during the fourth quarter worth $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie during the fourth quarter worth $31,000. Prudent Man Investment Management Inc. acquired a new position in shares of AbbVie during the fourth quarter worth $32,000. Finally, Siemens Fonds Invest GmbH lifted its position in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the 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 in the company, valued at $11,183,398.72. This trade represents a 52.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.08% of the company's stock.

AbbVie Stock Down 0.7%

NYSE:ABBV traded down $1.38 during mid-day trading on Monday, reaching $183.92. The stock had a trading volume of 5,156,818 shares, compared to its average volume of 6,239,827. The business's 50 day moving average is $185.19 and its 200 day moving average is $187.78. AbbVie Inc. has a fifty-two week low of $163.52 and a fifty-two week high of $218.66. The stock has a market cap of $324.88 billion, a P/E ratio of 78.26, a PEG ratio of 1.23 and a beta of 0.50. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The company reported $2.46 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 firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the company posted $2.31 earnings per share. The firm's revenue was up 8.4% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 3.57%. AbbVie's dividend payout ratio is currently 279.15%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley lifted their price target on shares of AbbVie from $241.00 to $250.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Wells Fargo & Company boosted their target price on shares of AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. The Goldman Sachs Group reiterated a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Wall Street Zen lowered shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.29.

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.