Perigon Wealth Management LLC Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Perigon Wealth Management LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,220 shares of the company's stock after selling 5,077 shares during the quarter. Perigon Wealth Management LLC's holdings in AbbVie were worth $22,255,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. EnRich Financial Partners LLC increased its holdings in AbbVie by 196.4% in the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock worth $29,000 after acquiring an additional 110 shares in the last quarter. Promus Capital LLC purchased a new stake in AbbVie in the 4th quarter worth $30,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in AbbVie in the 4th quarter worth $31,000. Prudent Man Investment Management Inc. purchased a new stake in AbbVie in the 4th quarter worth $32,000. Finally, Siemens Fonds Invest GmbH increased its holdings in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after acquiring an additional 119,141 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Trading Up 0.0%

Shares of ABBV stock opened at $185.64 on Thursday. The company's 50-day moving average price is $185.74 and its 200-day moving average price is $187.81. The company has a current ratio of 0.76, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The stock has a market cap of $327.91 billion, a price-to-earnings ratio of 79.00, a PEG ratio of 1.23 and a beta of 0.50. AbbVie Inc. has a twelve month low of $163.52 and a twelve month high of $218.66.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given 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 3.53%. AbbVie's payout ratio is currently 279.15%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent analyst reports. Evercore ISI boosted their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Erste Group Bank raised shares of AbbVie to a "strong-buy" rating in a report on Monday, March 17th. Wells Fargo & Company boosted their price target on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, March 5th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Guggenheim lifted their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.

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