AbbVie Inc. (NYSE:ABBV) Shares Sold by State of Tennessee Department of Treasury

by · The Cerbat Gem

State of Tennessee Department of Treasury lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 5.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 642,373 shares of the company’s stock after selling 37,015 shares during the quarter. State of Tennessee Department of Treasury’s holdings in AbbVie were worth $114,150,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Norges Bank acquired a new stake in AbbVie in the 4th quarter valued at about $4,459,385,000. Raymond James Financial Inc. acquired a new stake in AbbVie in the fourth quarter valued at approximately $1,190,951,000. FMR LLC raised its holdings in AbbVie by 32.8% in the fourth quarter. FMR LLC now owns 18,097,375 shares of the company’s stock valued at $3,215,903,000 after acquiring an additional 4,466,971 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in AbbVie by 15.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 27,436,133 shares of the company’s stock worth $4,875,401,000 after acquiring an additional 3,599,336 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in AbbVie by 24.3% during the 4th quarter. Franklin Resources Inc. now owns 17,246,900 shares of the company’s stock worth $3,064,773,000 after acquiring an additional 3,373,156 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the transaction, the executive vice president now owns 44,284 shares of the company’s stock, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of AbbVie stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the sale, the senior vice president now owns 11,496 shares of the company’s stock, valued at approximately $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 113,471 shares of company stock valued at $23,426,451 in the last ninety days. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ABBV. BMO Capital Markets lifted their price objective on shares of AbbVie from $208.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. UBS Group lifted their price target on AbbVie from $181.00 to $190.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Bank of America increased their price objective on AbbVie from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Tuesday, March 4th. Raymond James restated an “outperform” rating and set a $220.00 target price (up previously from $218.00) on shares of AbbVie in a research note on Monday, February 3rd. Finally, Guggenheim reiterated a “buy” rating and issued a $214.00 price target on shares of AbbVie in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.71.

View Our Latest Stock Report on AbbVie

AbbVie Price Performance

Shares of ABBV opened at $172.78 on Monday. The firm has a market capitalization of $305.64 billion, a PE ratio of 71.99, a P/E/G ratio of 1.62 and a beta of 0.55. The stock’s 50 day moving average is $198.47 and its two-hundred day moving average is $187.71. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The company has a current ratio of 0.66, a quick ratio of 0.55 and a debt-to-equity ratio of 17.94.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same period in the previous year, the firm posted $2.79 earnings per share. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Tuesday, April 15th. AbbVie’s dividend payout ratio is currently 273.33%.

About AbbVie

(Free Report)

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.

Further Reading

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