Diversify Advisory Services LLC Sells 4,212 Shares of AbbVie Inc. (NYSE:ABBV)

Diversify Advisory Services LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 14.6% in the third quarter, HoldingsChannel.com reports. The firm owned 24,577 shares of the company’s stock after selling 4,212 shares during the period. Diversify Advisory Services LLC’s holdings in AbbVie were worth $4,639,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC boosted its position in shares of AbbVie by 150.4% in the 3rd quarter. Fortitude Family Office LLC now owns 10,259 shares of the company’s stock worth $2,026,000 after purchasing an additional 6,162 shares in the last quarter. Gateway Wealth Partners LLC boosted its holdings in AbbVie by 3.1% in the third quarter. Gateway Wealth Partners LLC now owns 2,786 shares of the company’s stock worth $550,000 after acquiring an additional 83 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of AbbVie by 131.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,345 shares of the company’s stock valued at $1,253,000 after acquiring an additional 3,603 shares in the last quarter. Boston Financial Mangement LLC raised its position in shares of AbbVie by 4.2% in the 3rd quarter. Boston Financial Mangement LLC now owns 31,608 shares of the company’s stock valued at $6,242,000 after purchasing an additional 1,284 shares during the last quarter. Finally, Traynor Capital Management Inc. boosted its stake in AbbVie by 17.5% in the 3rd quarter. Traynor Capital Management Inc. now owns 5,625 shares of the company’s stock worth $1,111,000 after purchasing an additional 837 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents 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 the SEC website. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Down 0.1 %

Shares of AbbVie stock traded down $0.25 during mid-day trading on Tuesday, hitting $189.43. The stock had a trading volume of 411,908 shares, compared to its average volume of 5,265,042. The firm has a market cap of $334.51 billion, a P/E ratio of 56.28, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a 50-day moving average of $193.88 and a two-hundred day moving average of $178.56. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.27%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research analyst reports. Sanford C. Bernstein started coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price target for the company. UBS Group boosted their price target on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Truist Financial increased their price objective on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Citigroup lifted their target price on AbbVie from $170.00 to $215.00 and gave the stock a “buy” rating in a report on Friday. Finally, BMO Capital Markets increased their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $199.39.

About AbbVie

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.