Allspring Global Investments Holdings LLC Has $78.31 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Allspring Global Investments Holdings LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 27.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 505,298 shares of the company’s stock after buying an additional 108,484 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AbbVie were worth $78,306,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Narus Financial Partners LLC increased its holdings in AbbVie by 11.7% during the 4th quarter. Narus Financial Partners LLC now owns 1,875 shares of the company’s stock worth $291,000 after purchasing an additional 196 shares in the last quarter. Altus Wealth Management LLC increased its holdings in AbbVie by 25.4% during the 4th quarter. Altus Wealth Management LLC now owns 1,875 shares of the company’s stock worth $291,000 after purchasing an additional 380 shares in the last quarter. International Assets Investment Management LLC bought a new position in AbbVie during the 4th quarter worth about $41,416,000. Benin Management CORP bought a new position in AbbVie during the 4th quarter worth about $223,000. Finally, Busey Bank increased its holdings in AbbVie by 25.0% during the 4th quarter. Busey Bank now owns 86,123 shares of the company’s stock worth $13,346,000 after purchasing an additional 17,234 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.2 %

NYSE ABBV opened at $170.13 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.76 and a debt-to-equity ratio of 5.02. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $182.89. The company has a 50 day moving average of $176.46 and a 200-day moving average of $159.49. The company has a market cap of $301.24 billion, a price-to-earnings ratio of 62.32, a PEG ratio of 2.17 and a beta of 0.58.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, February 2nd. The company reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.76 by $0.03. AbbVie had a net margin of 8.95% and a return on equity of 162.28%. The company had revenue of $14.30 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the previous year, the business earned $3.60 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 11.12 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.64%. AbbVie’s dividend payout ratio (DPR) is 227.11%.

Insider Activity at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the sale, the chief executive officer now owns 519,099 shares of the company’s stock, valued at $92,020,679.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other AbbVie news, EVP Nicholas Donoghoe sold 21,082 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $176.30, for a total transaction of $3,716,756.60. Following the sale, the executive vice president now owns 55,903 shares of the company’s stock, valued at $9,855,698.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard A. Gonzalez sold 138,616 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $177.27, for a total transaction of $24,572,458.32. Following the completion of the sale, the chief executive officer now directly owns 519,099 shares in the company, valued at approximately $92,020,679.73. The disclosure for this sale can be found here. Insiders have sold 383,324 shares of company stock valued at $67,780,003 over the last three months. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ABBV shares. William Blair upgraded AbbVie from a “market perform” rating to an “outperform” rating in a report on Monday, January 29th. Raymond James raised their price objective on AbbVie from $181.00 to $189.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Truist Financial raised their price objective on AbbVie from $180.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Guggenheim raised their price objective on AbbVie from $188.00 to $190.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, BMO Capital Markets raised their price objective on AbbVie from $187.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus price target of $177.43.

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.