State of Tennessee Department of Treasury Sells 37,015 Shares of AbbVie Inc. (NYSE:ABBV)

State of Tennessee Department of Treasury lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 5.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 642,373 shares of the company's stock after selling 37,015 shares during the quarter. State of Tennessee Department of Treasury's holdings in AbbVie were worth $114,150,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Blue Bell Private Wealth Management LLC raised its position in shares of AbbVie by 30.4% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 223 shares of the company's stock valued at $40,000 after buying an additional 52 shares during the last quarter. Peninsula Wealth LLC increased its stake in AbbVie by 4.1% during the fourth quarter. Peninsula Wealth LLC now owns 1,360 shares of the company's stock valued at $242,000 after acquiring an additional 54 shares during the period. Physicians Financial Services Inc. increased its stake in AbbVie by 0.5% during the fourth quarter. Physicians Financial Services Inc. now owns 12,150 shares of the company's stock valued at $2,159,000 after acquiring an additional 55 shares during the period. Armstrong Advisory Group Inc. raised its holdings in AbbVie by 0.6% in the 4th quarter. Armstrong Advisory Group Inc. now owns 9,842 shares of the company's stock valued at $1,749,000 after acquiring an additional 58 shares in the last quarter. Finally, Doliver Advisors LP lifted its position in shares of AbbVie by 1.1% in the 4th quarter. Doliver Advisors LP now owns 5,276 shares of the company's stock worth $938,000 after acquiring an additional 59 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Insider Activity

In other news, EVP Timothy J. Richmond sold 29,917 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the completion of the sale, the executive vice president now owns 44,284 shares of the company's stock, valued at approximately $8,985,223.60. This represents a 40.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 58,832 shares of the business's stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $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 have sold 113,471 shares of company stock worth $23,426,451 over the last ninety days. Insiders own 0.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ABBV shares. Wells Fargo & Company upped their target price on AbbVie from $210.00 to $240.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. UBS Group increased their price objective on shares of AbbVie from $181.00 to $190.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Erste Group Bank upgraded shares of AbbVie to a "strong-buy" rating in a research report on Monday, March 17th. The Goldman Sachs Group reissued a "neutral" rating and issued a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Finally, Truist Financial raised their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a "buy" rating in a research note on Monday, February 3rd. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $211.19.

AbbVie Stock Up 2.0 %

Shares of AbbVie stock traded up $3.48 on Thursday, hitting $180.53. The company had a trading volume of 8,766,254 shares, compared to its average volume of 6,036,410. The stock has a 50-day moving average of $197.30 and a 200-day moving average of $187.37. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The firm has a market capitalization of $319.35 billion, a P/E ratio of 75.22, a P/E/G ratio of 1.62 and a beta of 0.55.

AbbVie (NYSE:ABBV - Get Free Report) last announced its earnings results on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing analysts' consensus estimates of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter last year, the business earned $2.79 earnings per share. Research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.63%. AbbVie's dividend payout ratio is currently 273.33%.

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.