Spinnaker Investment Group LLC Sells 80 Shares of AbbVie Inc. (NYSE:ABBV)

Spinnaker Investment Group LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% in the fourth quarter, HoldingsChannel reports. The fund owned 3,651 shares of the company’s stock after selling 80 shares during the quarter. Spinnaker Investment Group LLC’s holdings in AbbVie were worth $649,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ABBV. RPg Family Wealth Advisory LLC acquired a new position in shares of AbbVie during the third quarter valued at about $28,000. Retirement Wealth Solutions LLC purchased a new position in shares of AbbVie in the fourth quarter worth $35,000. Marquette Asset Management LLC acquired a new stake in shares of AbbVie during the third quarter worth $39,000. Mizuho Securities Co. Ltd. grew its holdings in shares of AbbVie by 100.0% during the third quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the company’s stock valued at $39,000 after buying an additional 100 shares during the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new position in shares of AbbVie in the 3rd quarter valued at $39,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, SVP Kevin K. Buckbee sold 1,800 shares of the company’s 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 transaction, the senior vice president now directly owns 6,983 shares in the company, valued at approximately $1,202,751.92. This represents a 20.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABBV shares. Sanford C. Bernstein assumed coverage on AbbVie in a research report on Thursday, October 17th. They set a “market perform” rating and a $203.00 price target for the company. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Wolfe Research initiated coverage on shares of AbbVie in a research note on Friday, November 15th. They set an “outperform” rating and a $205.00 price objective for the company. Citigroup cut their price objective on shares of AbbVie from $226.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, BMO Capital Markets cut their price target on AbbVie from $228.00 to $208.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $205.50.

AbbVie Trading Up 0.7 %

Shares of AbbVie stock opened at $170.42 on Friday. 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 stock’s 50 day simple moving average is $175.72 and its 200-day simple moving average is $184.73. The stock has a market cap of $301.15 billion, a P/E ratio of 59.17, a P/E/G ratio of 1.71 and a beta of 0.58. AbbVie Inc. has a 1-year low of $153.58 and a 1-year high of $207.32.

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

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.85%. This is a positive change from AbbVie’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is presently 227.78%.

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.