State of Alaska Department of Revenue reduced its holdings in AbbVie Inc (NYSE:ABBV) by 3.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,862 shares of the company’s stock after selling 7,537 shares during the period. State of Alaska Department of Revenue’s holdings in AbbVie were worth $21,361,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of ABBV. Verition Fund Management LLC raised its stake in AbbVie by 7.4% during the first quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock worth $688,000 after purchasing an additional 500 shares during the period. Baxter Bros Inc. raised its stake in AbbVie by 19.6% during the first quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock worth $289,000 after purchasing an additional 500 shares during the period. Good Life Advisors LLC raised its stake in AbbVie by 5.6% during the second quarter. Good Life Advisors LLC now owns 10,060 shares of the company’s stock worth $933,000 after purchasing an additional 537 shares during the period. Lido Advisors LLC raised its stake in AbbVie by 2.4% during the second quarter. Lido Advisors LLC now owns 23,371 shares of the company’s stock worth $2,165,000 after purchasing an additional 537 shares during the period. Finally, Budros Ruhlin & Roe Inc. increased its position in shares of AbbVie by 20.1% during the first quarter. Budros Ruhlin & Roe Inc. now owns 3,214 shares of the company’s stock valued at $304,000 after acquiring an additional 538 shares during the last quarter. 69.43% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ABBV stock opened at $83.66 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of 8.70. The company has a market capitalization of $120.48 billion, a P/E ratio of 14.94, a price-to-earnings-growth ratio of 0.72 and a beta of 1.62. AbbVie Inc has a fifty-two week low of $77.50 and a fifty-two week high of $125.86.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be issued a $1.07 dividend. The ex-dividend date of this dividend is Monday, January 14th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 5.12%. This is a boost from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s payout ratio is 68.57%.
A number of equities research analysts have weighed in on the stock. Argus dropped their price target on shares of AbbVie from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday. BMO Capital Markets dropped their price target on shares of AbbVie from $78.00 to $71.00 and set an “underperform” rating for the company in a research report on Monday. Barclays reiterated a “hold” rating and set a $90.00 price target on shares of AbbVie in a research report on Sunday. Credit Suisse Group set a $85.00 price target on shares of AbbVie and gave the company a “hold” rating in a research report on Friday, November 2nd. Finally, Wolfe Research assumed coverage on shares of AbbVie in a research report on Tuesday, October 23rd. They set an “underperform” rating for the company. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. AbbVie presently has an average rating of “Hold” and an average target price of $103.68.
In related news, EVP Michael Severino sold 50,000 shares of AbbVie stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now owns 111,481 shares in the company, valued at $10,871,627.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.07% of the company’s stock.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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