AbbVie Inc. (NYSE:ABBV) Shares Sold by SteelPeak Wealth LLC

SteelPeak Wealth LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 50.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,935 shares of the company’s stock after selling 17,029 shares during the period. SteelPeak Wealth LLC’s holdings in AbbVie were worth $3,344,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fairway Wealth LLC purchased a new position in shares of AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the second quarter valued at about $27,000. Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the first quarter valued at about $37,000. Finally, Marquette Asset Management LLC acquired a new position in AbbVie in the third quarter worth about $39,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 4.9 %

NYSE:ABBV traded up $9.34 during midday trading on Wednesday, reaching $198.79. 3,334,441 shares of the stock traded hands, compared to its average volume of 5,283,085. 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 company has a fifty day moving average of $193.75 and a 200 day moving average of $178.75. The stock has a market capitalization of $351.04 billion, a P/E ratio of 58.03, a PEG ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a $1.64 dividend. This is an increase from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.30%. AbbVie’s dividend payout ratio is currently 183.98%.

Wall Street Analyst Weigh In

Several analysts have weighed in on ABBV shares. TD Cowen upped their price objective on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Truist Financial raised their price objective on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Barclays lifted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Morgan Stanley lifted their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Wells Fargo & Company lifted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Four research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $199.39.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.25% of the company’s stock.

About AbbVie

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.