Spinnaker Trust Has $2.48 Million Position in AbbVie Inc. (NYSE:ABBV)

Spinnaker Trust lowered its position in AbbVie Inc. (NYSE:ABBV) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,008 shares of the company’s stock after selling 300 shares during the period. Spinnaker Trust’s holdings in AbbVie were worth $2,481,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its position in AbbVie by 29,922.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock worth $899,186,000 after purchasing an additional 6,012,281 shares during the period. International Assets Investment Management LLC bought a new stake in AbbVie during the fourth quarter worth approximately $499,955,000. Vanguard Group Inc. boosted its position in AbbVie by 0.9% during the third quarter. Vanguard Group Inc. now owns 160,747,355 shares of the company’s stock worth $23,961,001,000 after purchasing an additional 1,450,089 shares during the period. Assenagon Asset Management S.A. boosted its position in AbbVie by 201.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,143,910 shares of the company’s stock worth $332,242,000 after purchasing an additional 1,433,236 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in AbbVie by 34.6% during the third quarter. Envestnet Asset Management Inc. now owns 4,397,309 shares of the company’s stock worth $655,463,000 after purchasing an additional 1,130,638 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock traded down $7.67 during midday trading on Friday, hitting $159.62. The stock had a trading volume of 10,721,740 shares, compared to its average volume of 5,004,945. The firm has a market capitalization of $282.63 billion, a price-to-earnings ratio of 58.47, a P/E/G ratio of 2.13 and a beta of 0.58. AbbVie Inc. has a 52 week low of $130.96 and a 52 week high of $182.89. The stock has a 50-day simple moving average of $174.59 and a 200 day simple moving average of $160.74. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, April 26th. The company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.05. AbbVie had a return on equity of 162.28% and a net margin of 8.95%. The firm had revenue of $12.31 billion during the quarter, compared to analyst estimates of $11.93 billion. During the same period in the prior year, the company posted $2.46 earnings per share. The business’s revenue for the quarter was up .7% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 11.19 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.88%. AbbVie’s dividend payout ratio is currently 227.11%.

Insiders Place Their Bets

In related news, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at $1,233,546.95. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Azita Saleki-Gerhardt sold 52,870 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $173.71, for a total value of $9,184,047.70. Following the transaction, the executive vice president now owns 243,944 shares in the company, valued at $42,375,512.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kevin K. Buckbee sold 5,144 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $176.65, for a total value of $908,687.60. Following the transaction, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,233,546.95. The disclosure for this sale can be found here. Insiders sold 383,324 shares of company stock worth $67,780,003 over the last three months. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Truist Financial upped their target price on AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Raymond James upped their target price on AbbVie from $181.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. William Blair raised AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Barclays increased their price objective on AbbVie from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Wednesday, March 27th. Finally, BMO Capital Markets increased their price objective on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.43.

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.