CacheTech Inc. Sells 301 Shares of AbbVie Inc. (NYSE:ABBV)

CacheTech Inc. trimmed its position in AbbVie Inc. (NYSE:ABBV) by 6.0% during the third quarter, HoldingsChannel.com reports. The fund owned 4,713 shares of the company’s stock after selling 301 shares during the quarter. CacheTech Inc.’s holdings in AbbVie were worth $931,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ABBV. China Universal Asset Management Co. Ltd. bought a new position in AbbVie in the first quarter valued at approximately $646,000. Centric Wealth Management increased its stake in AbbVie by 4.5% in the first quarter. Centric Wealth Management now owns 9,570 shares of the company’s stock valued at $1,743,000 after acquiring an additional 409 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in AbbVie by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 988,750 shares of the company’s stock valued at $180,052,000 after buying an additional 17,957 shares in the last quarter. KFA Private Wealth Group LLC boosted its position in AbbVie by 9.6% in the first quarter. KFA Private Wealth Group LLC now owns 2,359 shares of the company’s stock valued at $430,000 after buying an additional 207 shares in the last quarter. Finally, Resonant Capital Advisors LLC boosted its position in AbbVie by 6.6% in the first quarter. Resonant Capital Advisors LLC now owns 13,250 shares of the company’s stock valued at $2,413,000 after buying an additional 823 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $203.55 on Friday. The firm has a market cap of $359.54 billion, a price-to-earnings ratio of 70.68, a PEG ratio of 2.76 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $207.32. The company’s fifty day simple moving average is $194.12 and its 200 day simple moving average is $179.38.

AbbVie (NYSE:ABBV) last released its earnings results on Wednesday, October 30th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.92 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.28 billion. AbbVie had a net margin of 9.22% and a return on equity of 226.99%. AbbVie’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.95 earnings per share. On average, analysts expect that AbbVie Inc. will post 10.9 earnings per share for the current year.

AbbVie Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Wednesday, January 15th will be paid a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Wednesday, January 15th. AbbVie’s payout ratio is 215.28%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ABBV. Piper Sandler raised their target price 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. Bank of America raised 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 Friday, October 18th. Truist Financial raised their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Finally, BMO Capital Markets raised their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $201.00.

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.