Traynor Capital Management Inc. Has $1.11 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Traynor Capital Management Inc. increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 17.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 5,625 shares of the company’s stock after purchasing an additional 837 shares during the period. Traynor Capital Management Inc.’s holdings in AbbVie were worth $1,111,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in AbbVie by 6.2% in the 1st quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after acquiring an additional 9,978,415 shares in the last quarter. Capital International Investors raised its holdings in AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares in the last quarter. Capital Research Global Investors raised its holdings in AbbVie by 3.3% in the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock valued at $5,698,847,000 after acquiring an additional 992,496 shares in the last quarter. Legal & General Group Plc raised its holdings in AbbVie by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after acquiring an additional 134,239 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of AbbVie by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock worth $1,984,490,000 after buying an additional 1,240,434 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ABBV. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Bank of America increased their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. UBS Group increased their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

AbbVie Stock Performance

Shares of AbbVie stock opened at $189.67 on Tuesday. The stock’s fifty day simple moving average is $193.88 and its 200 day simple moving average is $178.56. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The company has a market capitalization of $334.93 billion, a PE ratio of 56.28, 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by corporate insiders.

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.