Cornell Pochily Investment Advisors Inc. Decreases Holdings in AbbVie Inc. (NYSE:ABBV)

Cornell Pochily Investment Advisors Inc. trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,989 shares of the company’s stock after selling 316 shares during the quarter. AbbVie makes up 1.7% of Cornell Pochily Investment Advisors Inc.’s holdings, making the stock its 12th biggest position. Cornell Pochily Investment Advisors Inc.’s holdings in AbbVie were worth $4,796,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Groupama Asset Managment raised its stake in AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after acquiring an additional 38,974 shares during the period. RPg Family Wealth Advisory LLC purchased a new position in shares of AbbVie in the third quarter worth about $28,000. Retirement Wealth Solutions LLC purchased a new position in shares of AbbVie in the fourth quarter worth about $35,000. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter valued at approximately $39,000. Finally, Mizuho Securities Co. Ltd. lifted its stake in shares of AbbVie by 100.0% during the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

ABBV has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of AbbVie to $195.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Piper Sandler Companies reiterated an “overweight” rating and issued a $220.00 price target on shares of AbbVie in a research report on Tuesday, December 17th. JPMorgan Chase & Co. dropped their price objective on AbbVie from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, November 13th. Citigroup cut their target price on AbbVie from $226.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, November 12th. Finally, Bank of America reiterated a “neutral” rating and set a $191.00 price target on shares of AbbVie in a research report on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.50.

Insider Activity at AbbVie

In other AbbVie news, SVP Kevin K. Buckbee sold 1,800 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $172.24, for a total value of $310,032.00. Following the completion of the sale, the senior vice president now owns 6,983 shares in the company, valued at approximately $1,202,751.92. This trade represents a 20.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

Shares of AbbVie stock opened at $176.90 on Tuesday. The stock has a market capitalization of $312.60 billion, a P/E ratio of 61.42, a price-to-earnings-growth ratio of 1.68 and a beta of 0.58. AbbVie Inc. has a one year low of $153.58 and a one year high of $207.32. The company has a debt-to-equity ratio of 9.64, a current ratio of 0.65 and a quick ratio of 0.54. The business’s 50 day simple moving average is $175.84 and its two-hundred day simple moving average is $184.89.

AbbVie (NYSE:ABBV) last issued its earnings results on Wednesday, October 30th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.92 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 244.01%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.95 earnings per share. Analysts forecast that AbbVie Inc. will post 10.06 EPS for the current year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.71%. AbbVie’s dividend payout ratio (DPR) is presently 227.78%.

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.