AbbVie Inc. (NYSE:ABBV) Shares Sold by Solidarity Wealth LLC

Solidarity Wealth LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 15.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,423 shares of the company’s stock after selling 825 shares during the period. Solidarity Wealth LLC’s holdings in AbbVie were worth $873,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ABBV. Fairway Wealth LLC purchased a new position in shares of AbbVie in the 2nd quarter worth about $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter worth approximately $27,000. Marquette Asset Management LLC purchased a new position in AbbVie in the third quarter valued at approximately $39,000. Quest Partners LLC grew its stake in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the period. Finally, Burkett Financial Services LLC increased its position in shares of AbbVie by 61.2% in the third quarter. Burkett Financial Services LLC now owns 216 shares of the company’s stock worth $43,000 after acquiring an additional 82 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 6.4 %

Shares of AbbVie stock opened at $201.55 on Thursday. The business has a 50-day moving average price of $193.85 and a 200 day moving average price of $178.91. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $202.35. The firm has a market cap of $355.91 billion, a P/E ratio of 59.81, a P/E/G 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.

AbbVie Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.25%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 transaction, 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 SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ABBV. BMO Capital Markets upped their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. TD Cowen increased their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Truist Financial lifted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus 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.