Mutual Advisors LLC Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Mutual Advisors LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 1.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,387 shares of the company’s stock after selling 531 shares during the quarter. Mutual Advisors LLC’s holdings in AbbVie were worth $7,659,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Adell Harriman & Carpenter Inc. lifted its stake in AbbVie by 0.5% during the 3rd quarter. Adell Harriman & Carpenter Inc. now owns 171,741 shares of the company’s stock worth $33,916,000 after acquiring an additional 845 shares in the last quarter. Childress Capital Advisors LLC increased its holdings in AbbVie by 1.9% during the 3rd quarter. Childress Capital Advisors LLC now owns 6,623 shares of the company’s stock worth $1,308,000 after purchasing an additional 121 shares during the period. Highview Capital Management LLC DE increased its holdings in AbbVie by 4.4% during the 3rd quarter. Highview Capital Management LLC DE now owns 5,133 shares of the company’s stock worth $1,014,000 after purchasing an additional 217 shares during the period. Jacobsen Capital Management increased its holdings in AbbVie by 17.6% during the 3rd quarter. Jacobsen Capital Management now owns 3,148 shares of the company’s stock worth $622,000 after purchasing an additional 470 shares during the period. Finally, Fidelis Capital Partners LLC increased its holdings in AbbVie by 7.7% during the 3rd quarter. Fidelis Capital Partners LLC now owns 24,745 shares of the company’s stock worth $4,649,000 after purchasing an additional 1,778 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV opened at $189.50 on Wednesday. The company has a market cap of $334.63 billion, a P/E ratio of 56.23, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a 50 day moving average of $193.75 and a two-hundred day moving average of $178.75. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a $1.64 dividend. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.46%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent analyst reports. TD Cowen increased their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Citigroup upped their target price on AbbVie from $170.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Truist Financial upped their target price on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Bank of America upped 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. Four 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. According to MarketBeat.com, the company currently 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.