Symphony Financial Ltd. Co. Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Symphony Financial Ltd. Co. reduced its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 76.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,214 shares of the company's stock after selling 10,368 shares during the quarter. Symphony Financial Ltd. Co.'s holdings in AbbVie were worth $673,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ABBV shares. Cantor Fitzgerald started coverage on shares of AbbVie in a research report on Tuesday, April 22nd. They set an "overweight" rating and a $210.00 price target for the company. BNP Paribas raised shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Evercore ISI raised their price target on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Guggenheim lifted their price objective on shares of AbbVie from $214.00 to $216.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $194.00 price objective on shares of AbbVie in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average target price of $211.29.

Insider Buying and Selling

In related news, EVP Jeffrey Ryan Stewart sold 58,832 shares of AbbVie stock in a transaction dated 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 directly owns 53,234 shares of the company's stock, valued at $11,183,398.72. The trade was a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.08% of the stock is owned by corporate insiders.

AbbVie Stock Performance

ABBV stock opened at $183.92 on Tuesday. 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 stock has a market capitalization of $324.88 billion, a price-to-earnings ratio of 78.26, a PEG ratio of 1.23 and a beta of 0.50. AbbVie Inc. has a 1 year low of $163.52 and a 1 year high of $218.66. The stock's fifty day moving average is $185.28 and its two-hundred day moving average is $187.84.

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

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Tuesday, July 15th. AbbVie's payout ratio is currently 279.15%.

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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