Mountain Pacific Investment Advisers Inc. ID Cuts Position in AbbVie Inc. (NYSE:ABBV)

Mountain Pacific Investment Advisers Inc. ID cut its stake in AbbVie Inc. (NYSE:ABBV) by 4.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,438 shares of the company’s stock after selling 900 shares during the quarter. Mountain Pacific Investment Advisers Inc. ID’s holdings in AbbVie were worth $2,938,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ABBV. Goepper Burkhardt LLC boosted its stake in shares of AbbVie by 1.9% in the fourth quarter. Goepper Burkhardt LLC now owns 3,506 shares of the company’s stock valued at $567,000 after buying an additional 67 shares during the period. Naviter Wealth LLC lifted its position in AbbVie by 0.9% during the first quarter. Naviter Wealth LLC now owns 7,378 shares of the company’s stock worth $1,176,000 after purchasing an additional 68 shares during the period. Delta Financial Group Inc. grew its stake in AbbVie by 1.2% during the first quarter. Delta Financial Group Inc. now owns 5,757 shares of the company’s stock worth $917,000 after buying an additional 68 shares in the last quarter. Sand Hill Global Advisors LLC increased its holdings in AbbVie by 0.4% in the 1st quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock valued at $2,989,000 after buying an additional 68 shares during the period. Finally, Kistler Tiffany Companies LLC raised its position in shares of AbbVie by 0.6% in the 1st quarter. Kistler Tiffany Companies LLC now owns 12,314 shares of the company’s stock valued at $1,963,000 after buying an additional 70 shares in the last quarter. 67.86% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the transaction, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ABBV. Piper Jaffray Companies raised their target price on AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. StockNews.com started coverage on AbbVie in a research note on Thursday, August 17th. They set a “strong-buy” rating for the company. William Blair started coverage on shares of AbbVie in a research note on Tuesday, July 25th. They issued a “market perform” rating on the stock. Piper Sandler upped their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Finally, Credit Suisse Group cut their target price on shares of AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.79.

AbbVie Price Performance

ABBV stock traded up $0.46 during mid-day trading on Wednesday, hitting $149.73. 297,630 shares of the stock were exchanged, compared to its average volume of 5,633,344. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77. The stock has a market capitalization of $264.28 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 2.70 and a beta of 0.58. The business has a fifty day moving average price of $145.49 and a 200 day moving average price of $147.49. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The firm had revenue of $13.87 billion for the quarter, compared to analysts’ expectations of $13.52 billion. On average, sell-side analysts anticipate that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is 121.81%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.