Pinpoint Asset Management Ltd Raises Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Pinpoint Asset Management Ltd boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 49.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 18,483 shares of the company’s stock after acquiring an additional 6,123 shares during the quarter. AbbVie comprises 0.6% of Pinpoint Asset Management Ltd’s portfolio, making the stock its 27th biggest holding. Pinpoint Asset Management Ltd’s holdings in AbbVie were worth $3,284,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ABBV. Fiduciary Advisors Inc. purchased a new position in AbbVie during the 4th quarter worth $29,000. Promus Capital LLC bought a new position in shares of AbbVie during the 4th quarter worth $30,000. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of AbbVie during the fourth quarter valued at $31,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie in the fourth quarter valued at about $32,000. Finally, Retirement Wealth Solutions LLC purchased a new stake in AbbVie in the fourth quarter worth about $35,000. Institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Perry C. Siatis sold 5,778 shares of the business’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $197.90, for a total value of $1,143,466.20. Following the completion of the sale, the executive vice president now directly owns 22,381 shares in the company, valued at $4,429,199.90. The trade was a 20.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $210.08, for a total value of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at $11,183,398.72. This trade represents a 52.50 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,471 shares of company stock worth $23,426,451. Company insiders own 0.08% of the company’s stock.

AbbVie Price Performance

NYSE:ABBV opened at $201.31 on Friday. The firm has a market cap of $356.11 billion, a price-to-earnings ratio of 83.88, a PEG ratio of 1.62 and a beta of 0.61. The firm’s fifty day moving average is $200.28 and its two-hundred day moving average is $189.30. The company has a debt-to-equity ratio of 17.94, a quick ratio of 0.55 and a current ratio of 0.66. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66.

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 period last year, the company earned $2.79 earnings per share. Research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.26%. AbbVie’s payout ratio is 273.33%.

Wall Street Analyst Weigh In

ABBV has been the subject of several recent research reports. Piper Sandler boosted their price target on shares of AbbVie from $212.00 to $220.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Daiwa Capital Markets downgraded shares of AbbVie from an “outperform” rating to a “neutral” rating and set a $180.00 price objective for the company. in a research note on Thursday, December 5th. Bank of America upped their target price on AbbVie from $200.00 to $223.00 and gave the stock a “neutral” rating in a report on Tuesday, March 4th. Raymond James reiterated an “outperform” rating and issued a $220.00 price target (up from $218.00) on shares of AbbVie in a report on Monday, February 3rd. Finally, Piper Sandler Companies restated an “overweight” rating and set a $220.00 price objective on shares of AbbVie in a research note on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average target price of $211.45.

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.