AbbVie Inc. (NYSE:ABBV) Shares Sold by abrdn plc

abrdn plc reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,986,664 shares of the company’s stock after selling 63,210 shares during the period. AbbVie accounts for about 0.7% of abrdn plc’s holdings, making the stock its 21st biggest holding. abrdn plc owned approximately 0.11% of AbbVie worth $389,217,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in shares of AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie during the second quarter worth about $27,000. Marquette Asset Management LLC acquired a new stake in shares of AbbVie during the third quarter valued at about $39,000. Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $37,000. Finally, Quest Partners LLC lifted its holdings in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Bank of America boosted their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Sanford C. Bernstein began coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. UBS Group lifted their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Morgan Stanley increased their price target on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, Citigroup lifted their price objective on shares of AbbVie from $170.00 to $215.00 and gave the company a “buy” rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $199.39.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $189.67 on Tuesday. The stock’s 50-day simple moving average is $193.88 and its 200-day simple moving average is $178.56. The firm has a market capitalization of $334.93 billion, a PE ratio of 56.28, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.27%. AbbVie’s dividend payout ratio is presently 183.98%.

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.