Public Sector Pension Investment Board reduced its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 33.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 629,664 shares of the company’s stock after selling 309,816 shares during the period. AbbVie comprises about 0.7% of Public Sector Pension Investment Board’s investment portfolio, making the stock its 25th biggest position. Public Sector Pension Investment Board’s holdings in AbbVie were worth $108,000,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in ABBV. Nippon Life Global Investors Americas Inc. raised its stake in shares of AbbVie by 11.0% in the second quarter. Nippon Life Global Investors Americas Inc. now owns 59,360 shares of the company’s stock worth $10,181,000 after acquiring an additional 5,900 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of AbbVie by 27.3% in the second quarter. EverSource Wealth Advisors LLC now owns 8,662 shares of the company’s stock worth $1,605,000 after acquiring an additional 1,857 shares during the last quarter. Fairscale Capital LLC bought a new position in shares of AbbVie in the second quarter worth about $86,000. Gabelli Funds LLC raised its stake in shares of AbbVie by 0.3% in the second quarter. Gabelli Funds LLC now owns 139,900 shares of the company’s stock worth $23,996,000 after acquiring an additional 350 shares during the last quarter. Finally, Itau Unibanco Holding S.A. raised its stake in shares of AbbVie by 4.5% in the second quarter. Itau Unibanco Holding S.A. now owns 9,645 shares of the company’s stock worth $1,654,000 after acquiring an additional 416 shares during the last quarter. 70.23% of the stock is owned by institutional investors.
AbbVie Stock Down 0.1 %
AbbVie stock opened at $193.47 on Monday. The stock has a market capitalization of $341.64 billion, a PE ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. 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 company has a 50 day moving average of $189.35 and a 200-day moving average of $175.76.
AbbVie Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.
Insider Transactions at AbbVie
In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on ABBV. Barclays boosted their price target on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Piper Sandler boosted their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Truist Financial reissued a “buy” rating and set a $210.00 price target (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $191.64.
AbbVie Company 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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