Lawood & Co. cut its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 15.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,978 shares of the company’s stock after selling 2,245 shares during the period. AbbVie makes up about 1.9% of Lawood & Co.’s holdings, making the stock its 16th biggest position. Lawood & Co.’s holdings in AbbVie were worth $3,133,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Burk Holdings LLC acquired a new stake in AbbVie during the 2nd quarter worth about $30,000. Marquette Asset Management LLC increased its position in shares of AbbVie by 52.2% in the second quarter. Marquette Asset Management LLC now owns 140 shares of the company’s stock worth $35,000 after acquiring an additional 48 shares in the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie during the fourth quarter valued at approximately $32,000. Principia Wealth Advisory LLC lifted its position in shares of AbbVie by 38.9% in the 2nd quarter. Principia Wealth Advisory LLC now owns 157 shares of the company’s stock valued at $40,000 after acquiring an additional 44 shares in the last quarter. Finally, Merkkuri Wealth Advisors LLC purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.23% of the company’s stock.
AbbVie Stock Up 1.9%
Shares of NYSE:ABBV traded up $5.14 during trading on Friday, reaching $277.56. 1,204,165 shares of the company traded hands, compared to its average volume of 6,402,646. The firm has a fifty day simple moving average of $258.56 and a 200 day simple moving average of $236.35. The firm has a market cap of $490.40 billion, a P/E ratio of 78.36, a price-to-earnings-growth ratio of 1.23 and a beta of 0.24. AbbVie Inc. has a 1-year low of $190.75 and a 1-year high of $277.45.
AbbVie Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be paid a dividend of $1.73 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $6.92 dividend on an annualized basis and a dividend yield of 2.5%. AbbVie’s dividend payout ratio (DPR) is 195.48%.
Analyst Ratings Changes
Several equities analysts have weighed in on the stock. Cantor Fitzgerald lifted their price objective on shares of AbbVie from $285.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday. Oppenheimer raised their target price on AbbVie from $244.00 to $258.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Guggenheim reiterated a “buy” rating and set a $288.00 price target on shares of AbbVie in a report on Friday. Citigroup upped their price target on AbbVie from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Barclays raised their price objective on AbbVie from $275.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $277.18.
View Our Latest Stock Report on ABBV
Key AbbVie News
Here are the key news stories impacting AbbVie this week:
- Positive Sentiment: Analysts raise targets and maintain bullish ratings: Guggenheim reaffirmed its “buy” rating with a $288 price target, while JPMorgan raised its target to $300 and kept an “overweight” rating. Cantor Fitzgerald also lifted its target to $290 and maintained “overweight.” These actions signal that analysts see further upside for ABBV. AbbVie Shares Up After Analyst Upgrade
- Positive Sentiment: Temab-A receives two FDA Breakthrough Therapy designations: AbbVie’s telisotuzumab adizutecan, also known as Temab-A, received designations for colorectal cancer and non-small cell lung cancer. The regulatory recognition could accelerate development and review, strengthening expectations for the company’s oncology pipeline. FDA Grants Breakthrough Therapy Designations to AbbVie’s Temab-A
- Positive Sentiment: Momentum and investor interest remain elevated: AbbVie reached a new one-year high following the analyst upgrade, reinforcing the market’s favorable reaction to the target increases and pipeline developments. AbbVie Reaches a New 52-Week High
- Neutral Sentiment: Breakthrough status is not approval: The FDA designations may speed development, but Temab-A still faces clinical, regulatory and commercial risks before it can generate revenue.
Insider Activity
In other news, EVP Nicholas Donoghoe sold 32,710 shares of AbbVie stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $250.00, for a total transaction of $8,177,500.00. Following the completion of the sale, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. The trade was a 30.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is currently owned by corporate insiders.
AbbVie Profile
AbbVie Inc is a global biopharmaceutical company that develops, manufactures and markets medicines for a range of serious and chronic health conditions. Its portfolio spans immunology, oncology, neuroscience, eye care, aesthetics, gastroenterology and women’s health.
The company’s products include the immunology medicines Skyrizi and Rinvoq; neuroscience treatments such as Vraylar, Ubrelvy and Qulipta; and oncology medicines including Imbruvica and Venclexta. AbbVie also markets Botox Cosmetic and Botox Therapeutic, as well as other products for aesthetics, eye care and specialty care.
AbbVie was established in 2013 as an independent, publicly traded company following its separation from Abbott Laboratories.
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