Sunburst Financial Group LLC Sells 200 Shares of AbbVie Inc. (NYSE:ABBV)

Sunburst Financial Group LLC lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 8.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,259 shares of the company’s stock after selling 200 shares during the period. Sunburst Financial Group LLC’s holdings in AbbVie were worth $446,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fairway Wealth LLC acquired a new stake in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the second quarter valued at approximately $27,000. Quest Partners LLC grew its stake in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the first quarter worth $37,000. Finally, Marquette Asset Management LLC bought a new position in shares of AbbVie in the 3rd quarter valued at $39,000. 70.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly 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 document filed with the SEC, which is available at this hyperlink. Insiders own 0.25% of the company’s stock.

AbbVie Stock Up 4.7 %

AbbVie stock traded up $8.99 during midday trading on Wednesday, hitting $198.44. 3,192,002 shares of the stock were exchanged, compared to its average volume of 5,280,087. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock has a market capitalization of $350.42 billion, a price-to-earnings ratio of 58.03, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The business’s 50-day moving average price is $193.75 and its 200-day moving average price is $178.75.

AbbVie Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.31%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price for the company. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Citigroup lifted their price target on shares of AbbVie from $170.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, UBS Group increased their target price on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $199.39.

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.