Rodgers Brothers Inc. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Rodgers Brothers Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 132,549 shares of the company’s stock after selling 675 shares during the quarter. AbbVie makes up about 3.1% of Rodgers Brothers Inc.’s holdings, making the stock its 4th biggest holding. Rodgers Brothers Inc.’s holdings in AbbVie were worth $23,554,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Groupama Asset Managment increased its holdings in AbbVie by 40.3% during the 3rd 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 period. Fiduciary Advisors Inc. bought a new position in shares of AbbVie during the fourth quarter valued at approximately $29,000. Promus Capital LLC purchased a new stake in AbbVie in the fourth quarter worth $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie in the fourth quarter valued at $31,000. Finally, Prudent Man Investment Management Inc. purchased a new stake in shares of AbbVie in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on AbbVie from $210.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. BMO Capital Markets raised their price objective on AbbVie from $208.00 to $215.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Citigroup upped their target price on shares of AbbVie from $205.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Piper Sandler lifted their target price on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Erste Group Bank raised AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.45.

AbbVie Trading Up 1.2 %

Shares of ABBV opened at $205.12 on Monday. AbbVie Inc. has a 1 year low of $153.58 and a 1 year high of $218.66. The company has a 50 day simple moving average of $197.50 and a two-hundred day simple moving average of $188.91. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. The firm has a market cap of $362.85 billion, a P/E ratio of 85.47, a price-to-earnings-growth ratio of 1.62 and a beta of 0.61.

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

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Tuesday, April 15th. AbbVie’s payout ratio is presently 273.33%.

Insider Buying and Selling at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 18,944 shares of AbbVie stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $203.41, for a total value of $3,853,399.04. Following the completion of the transaction, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This trade represents a 62.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the sale, the executive vice president now owns 44,284 shares in the company, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,639 shares of company stock worth $11,067,025 in the last quarter. 0.25% of the stock is owned by corporate insiders.

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.