Index Fund Advisors Inc. purchased a new stake in AbbVie Inc. (NYSE:ABBV – Free Report) during the 3rd quarter, HoldingsChannel reports. The firm purchased 1,434 shares of the company’s stock, valued at approximately $283,000.
Several other institutional investors have also added to or reduced their stakes in ABBV. Fairway Wealth LLC bought a new stake in AbbVie in the second quarter worth $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie in the 2nd quarter worth about $27,000. Quest Partners LLC boosted its stake in 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 purchasing an additional 207 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in AbbVie during the 1st quarter valued at about $37,000. Finally, Marquette Asset Management LLC bought a new stake in AbbVie during the 3rd quarter valued at about $39,000. 70.23% of the stock is currently owned by institutional investors.
AbbVie Stock Performance
AbbVie stock traded up $1.28 during mid-day trading on Thursday, hitting $189.16. The company had a trading volume of 599,522 shares, compared to its average volume of 5,263,581. The company has a market capitalization of $334.03 billion, a price-to-earnings ratio of 55.75, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The company’s fifty day moving average is $194.22 and its 200-day moving average is $178.08. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.
AbbVie Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.
Insider Buying and Selling at AbbVie
In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on ABBV. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Piper Sandler increased their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, BMO Capital Markets raised their price target on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $198.47.
View Our Latest Stock Analysis on AbbVie
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.
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