AbbVie Inc. (NYSE:ABBV) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,790,579 shares of the company's stock after selling 85,601 shares during the quarter. AbbVie accounts for about 0.6% of California State Teachers Retirement System's investment portfolio, making the stock its 24th biggest position. California State Teachers Retirement System owned approximately 0.16% of AbbVie worth $495,886,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fiduciary Advisors Inc. purchased a new stake in shares of AbbVie during the fourth quarter worth about $29,000. EnRich Financial Partners LLC increased its holdings in AbbVie by 196.4% in the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company's stock valued at $29,000 after buying an additional 110 shares during the last quarter. Promus Capital LLC bought a new stake in AbbVie in the fourth quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC bought a new stake in AbbVie in the fourth quarter valued at about $31,000. Finally, Prudent Man Investment Management Inc. bought a new stake in AbbVie in the fourth quarter valued at about $32,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 29,917 shares of the firm's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total transaction of $6,070,159.30. Following the completion of the sale, the executive vice president now directly owns 44,284 shares in the company, valued at approximately $8,985,223.60. This trade represents a 40.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the sale, the executive vice president now owns 53,234 shares of the company's stock, valued at $11,183,398.72. The trade was a 52.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,471 shares of company stock worth $23,426,451 in the last quarter. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ABBV shares. Bank of America boosted their price objective on AbbVie from $200.00 to $223.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Truist Financial boosted their price objective on AbbVie from $211.00 to $217.00 and gave the company a "buy" rating in a report on Monday, February 3rd. StockNews.com downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, April 9th. Guggenheim restated a "buy" rating and issued a $214.00 target price on shares of AbbVie in a research note on Thursday, April 17th. Finally, Citigroup lifted their target price on AbbVie from $205.00 to $215.00 and gave the company a "buy" rating in a research note on Monday, February 3rd. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $211.19.

AbbVie Stock Performance

ABBV opened at $185.96 on Monday. The business has a fifty day simple moving average of $196.85 and a 200-day simple moving average of $187.13. The firm has a market cap of $328.96 billion, a PE ratio of 77.48, a P/E/G ratio of 1.62 and a beta of 0.55. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a fifty-two week low of $153.58 and a fifty-two week high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, missing analysts' consensus estimates of $2.51 by ($0.05). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. The company had revenue of $13.34 billion during the quarter, compared to analyst estimates of $12.91 billion. During the same quarter last year, the business earned $2.31 EPS. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Tuesday, April 15th will be given a $1.64 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.53%. AbbVie's dividend payout ratio (DPR) is 279.15%.

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.

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