New York State Teachers Retirement System Sells 63,514 Shares of AbbVie Inc. (NYSE:ABBV)

New York State Teachers Retirement System reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,669,568 shares of the company’s stock after selling 63,514 shares during the quarter. AbbVie comprises 0.7% of New York State Teachers Retirement System’s investment portfolio, making the stock its 21st biggest position. New York State Teachers Retirement System’s holdings in AbbVie were worth $329,706,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new position in shares of AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC bought a new position in AbbVie in the 2nd quarter worth about $27,000. Quest Partners LLC grew its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie during the first quarter valued at about $37,000. Finally, Marquette Asset Management LLC purchased a new stake in shares of AbbVie in the third quarter worth about $39,000. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Truist Financial boosted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. BMO Capital Markets upped their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Citigroup upped their target price on AbbVie from $170.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $199.39.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Trading Up 2.1 %

NYSE:ABBV traded up $4.03 during trading hours on Wednesday, reaching $193.48. The company’s stock had a trading volume of 1,300,332 shares, compared to its average volume of 5,271,889. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The firm has a market capitalization of $341.66 billion, a price-to-earnings ratio of 56.23, a PEG ratio of 2.66 and a beta of 0.63. The firm has a 50-day simple moving average of $193.75 and a 200-day simple moving average of $178.75. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.39%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 183.98%.

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.