California Public Employees Retirement System Reduces Stake in AbbVie Inc. (NYSE:ABBV)

California Public Employees Retirement System lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,959,736 shares of the company's stock after selling 583,554 shares during the quarter. AbbVie accounts for 0.6% of California Public Employees Retirement System's portfolio, making the stock its 25th largest position. California Public Employees Retirement System owned approximately 0.28% of AbbVie worth $881,345,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. RWA Wealth Partners LLC raised its stake in shares of AbbVie by 1.5% during the 4th quarter. RWA Wealth Partners LLC now owns 311,031 shares of the company's stock valued at $55,270,000 after buying an additional 4,664 shares during the last quarter. C2C Wealth Management LLC grew its holdings in AbbVie by 1.6% during the fourth quarter. C2C Wealth Management LLC now owns 4,010 shares of the company's stock worth $713,000 after acquiring an additional 63 shares during the period. Arrowstreet Capital Limited Partnership raised its position in AbbVie by 40.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 644,969 shares of the company's stock valued at $114,611,000 after acquiring an additional 185,820 shares in the last quarter. American Money Management LLC lifted its holdings in AbbVie by 0.7% in the fourth quarter. American Money Management LLC now owns 41,023 shares of the company's stock valued at $7,290,000 after acquiring an additional 284 shares during the period. Finally, Allianz SE acquired a new position in AbbVie in the fourth quarter valued at approximately $16,839,000. 70.23% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of research analysts have weighed in on ABBV shares. Daiwa Capital Markets downgraded shares of AbbVie from an "outperform" rating to a "neutral" rating and set a $180.00 price objective for the company. in a research report on Thursday, December 5th. Wells Fargo & Company upped their target price on shares of AbbVie from $210.00 to $240.00 and gave the stock an "overweight" rating in a report on Wednesday, March 5th. Guggenheim lifted their price objective on AbbVie from $212.00 to $214.00 and gave the stock a "buy" rating in a research report on Monday, February 3rd. Daiwa America cut AbbVie from a "strong-buy" rating to a "hold" rating in a report on Thursday, December 5th. Finally, Morgan Stanley lifted their price target on AbbVie from $224.00 to $239.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, AbbVie presently has a consensus rating of "Moderate Buy" and a consensus target price of $211.45.

Insider Transactions at AbbVie

In related news, EVP Timothy J. Richmond sold 29,917 shares of AbbVie 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 transaction, the executive vice president now directly owns 44,284 shares of the company's stock, valued at $8,985,223.60. The trade was a 40.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Perry C. Siatis sold 5,778 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $197.90, for a total value of $1,143,466.20. Following the sale, the executive vice president now owns 22,381 shares in the company, valued at approximately $4,429,199.90. The trade was a 20.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,639 shares of company stock worth $11,067,025 over the last quarter. Company insiders own 0.25% of the company's stock.

AbbVie Trading Up 2.2 %

ABBV stock traded up $4.54 during midday trading on Monday, reaching $209.83. The stock had a trading volume of 11,093,562 shares, compared to its average volume of 5,725,897. The business has a fifty day simple moving average of $197.50 and a two-hundred day simple moving average of $188.91. AbbVie Inc. has a twelve month low of $153.58 and a twelve month high of $218.66. The firm has a market cap of $371.19 billion, a price-to-earnings ratio of 87.43, a PEG ratio of 1.62 and a beta of 0.61. 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 (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The company reported $2.16 EPS for the quarter, missing analysts' consensus estimates of $2.98 by ($0.82). AbbVie had a net margin of 7.59% and a return on equity of 296.28%. During the same period in the prior year, the business earned $2.79 earnings per share. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced 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. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Tuesday, April 15th. AbbVie's dividend payout ratio is presently 273.33%.

AbbVie 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.