AbbVie Inc. (NYSE:ABBV) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 22.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 164,552 shares of the company's stock after selling 47,887 shares during the period. Wedge Capital Management L L P NC's holdings in AbbVie were worth $32,496,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Fairway Wealth LLC bought a new position in AbbVie during the 2nd quarter valued at about $26,000. Ridgewood Investments LLC bought a new position in AbbVie during the 2nd quarter valued at about $27,000. IFS Advisors LLC bought a new position in AbbVie during the 1st quarter valued at about $36,000. Marquette Asset Management LLC bought a new position in AbbVie during the 3rd quarter valued at about $39,000. Finally, Redmont Wealth Advisors LLC bought a new position in AbbVie during the 1st quarter valued at about $37,000. 70.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Truist Financial upped their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a "buy" rating in a report on Thursday. BMO Capital Markets boosted their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an "outperform" rating in a research report on Friday, July 19th. William Blair raised shares of AbbVie to a "strong-buy" rating in a research report on Friday, August 30th. Piper Sandler boosted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an "overweight" rating in a research report on Friday, August 23rd. Finally, TD Cowen boosted their price objective on shares of AbbVie from $195.00 to $225.00 and gave the company a "buy" rating in a research report on Monday, October 7th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $198.00.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business's stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company's stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Up 0.9 %

Shares of ABBV traded up $1.67 during mid-day trading on Monday, hitting $195.86. The company's stock had a trading volume of 3,623,861 shares, compared to its average volume of 5,296,504. The company's 50-day moving average is $194.31 and its 200-day moving average is $177.47. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The firm has a market capitalization of $345.86 billion, a price-to-earnings ratio of 58.12, a PEG ratio of 2.66 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.91 EPS. On average, equities research analysts forecast that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. AbbVie's dividend payout ratio (DPR) is presently 183.98%.

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.