Trajan Wealth LLC Cuts Stake in AbbVie Inc. (NYSE:ABBV)

Trajan Wealth LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 1.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 28,810 shares of the company’s stock after selling 439 shares during the period. Trajan Wealth LLC’s holdings in AbbVie were worth $5,689,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its stake in shares of AbbVie by 1.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 510,865 shares of the company’s stock worth $93,028,000 after acquiring an additional 5,567 shares during the period. Tower Wealth Partners Inc. purchased a new stake in AbbVie during the 1st quarter valued at $222,000. Azzad Asset Management Inc. ADV lifted its holdings in shares of AbbVie by 89.4% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 23,329 shares of the company’s stock valued at $4,248,000 after buying an additional 11,009 shares during the period. Sivia Capital Partners LLC boosted its stake in shares of AbbVie by 14.3% in the 1st quarter. Sivia Capital Partners LLC now owns 4,218 shares of the company’s stock worth $768,000 after buying an additional 529 shares during the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in shares of AbbVie by 1.4% in the first quarter. Valeo Financial Advisors LLC now owns 79,804 shares of the company’s stock worth $14,532,000 after acquiring an additional 1,085 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on ABBV. Morgan Stanley raised 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. Bank of America increased their price target on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Piper Sandler raised 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. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Finally, Barclays upped their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $199.39.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The shares were 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 directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.25% of the stock is owned by company insiders.

AbbVie Stock Performance

NYSE:ABBV opened at $189.50 on Wednesday. The company has a market cap of $334.63 billion, a price-to-earnings ratio of 56.23, a PEG ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The stock’s 50 day simple moving average is $193.75 and its two-hundred day simple moving average is $178.75. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

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 $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.46%. This is a boost from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is currently 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.