Cibc World Markets Corp Boosts Position in AbbVie Inc. (NYSE:ABBV)

Cibc World Markets Corp boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 16.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,787 shares of the company’s stock after purchasing an additional 39,070 shares during the quarter. Cibc World Markets Corp’s holdings in AbbVie were worth $49,540,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Groupama Asset Managment increased its stake in AbbVie by 40.3% in the third quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in AbbVie during the 3rd quarter worth $28,000. Fiduciary Advisors Inc. acquired a new stake in AbbVie during the 4th quarter worth $29,000. Promus Capital LLC acquired a new stake in AbbVie during the 4th quarter worth $30,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $31,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $211.90 on Monday. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66. The stock has a market cap of $374.07 billion, a PE ratio of 88.29, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61. The firm’s fifty day simple moving average is $191.09 and its 200-day simple moving average is $188.05.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter last year, the business earned $2.79 EPS. Analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Tuesday, April 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.10%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio (DPR) is 273.33%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ABBV. Daiwa Capital Markets cut AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 target price on the stock. in a research report on Thursday, December 5th. UBS Group lifted their price target on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $220.00 target price on shares of AbbVie in a report on Tuesday, December 17th. Leerink Partnrs raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Daiwa America lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 5th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

Insider Buying and Selling at AbbVie

In other news, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $202.90, for a total value of $6,070,159.30. Following the sale, the executive vice president now directly owns 44,284 shares in the company, valued at $8,985,223.60. This represents a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $197.90, for a total transaction of $1,143,466.20. Following the completion of the sale, the executive vice president now owns 22,381 shares in the company, valued at $4,429,199.90. This represents a 20.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,639 shares of company stock valued at $11,067,025. Insiders own 0.25% of the company’s stock.

AbbVie 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.