Sunbelt Securities Inc. Has $8.48 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Sunbelt Securities Inc. reduced its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 12.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,482 shares of the company's stock after selling 6,013 shares during the quarter. AbbVie comprises approximately 0.8% of Sunbelt Securities Inc.'s portfolio, making the stock its 20th biggest position. Sunbelt Securities Inc.'s holdings in AbbVie were worth $8,482,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Blue Bell Private Wealth Management LLC grew its stake in AbbVie by 30.4% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after purchasing an additional 52 shares in the last quarter. Steel Grove Capital Advisors LLC boosted its stake in shares of AbbVie by 1.7% during the 4th quarter. Steel Grove Capital Advisors LLC now owns 3,110 shares of the company's stock worth $553,000 after acquiring an additional 52 shares in the last quarter. Peninsula Wealth LLC boosted its stake in shares of AbbVie by 4.1% during the 4th quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock worth $242,000 after acquiring an additional 54 shares in the last quarter. Connecticut Wealth Management LLC boosted its stake in shares of AbbVie by 1.6% during the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after acquiring an additional 57 shares in the last quarter. Finally, Northstar Group Inc. boosted its stake in shares of AbbVie by 0.7% during the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock worth $1,783,000 after acquiring an additional 58 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $4.90 during trading hours on Friday, hitting $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 company has a debt-to-equity ratio of 44.14, a current ratio of 0.76 and a quick ratio of 0.64. The stock has a market capitalization of $321.29 billion, a price-to-earnings ratio of 77.40, a PEG ratio of 1.21 and a beta of 0.50. The company's 50-day moving average price is $186.21 and its 200-day moving average price is $188.01.

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

AbbVie Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 3.61%. AbbVie's dividend payout ratio (DPR) is 279.15%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ABBV. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Bank of America upped their price target on AbbVie to $204.00 and gave the stock a "hold" rating in a research note on Monday, June 9th. Evercore ISI upped their price target on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research note on Monday, April 28th. BNP Paribas upgraded AbbVie to a "hold" rating in a research note on Thursday, May 8th. Finally, Guggenheim upped their price target on AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Eight investment 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 company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $211.29.

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 that occurred on 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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.