Pinnacle Associates Ltd. Has $24.42 Million Position in AbbVie Inc. (NYSE:ABBV)

Pinnacle Associates Ltd. increased its holdings in shares of AbbVie Inc. (NYSE:ABBVFree Report) by 4.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 123,638 shares of the company’s stock after acquiring an additional 5,635 shares during the quarter. Pinnacle Associates Ltd.’s holdings in AbbVie were worth $24,416,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. FCG Investment Co bought a new position in shares of AbbVie during the 1st quarter worth about $1,413,000. BluePath Capital Management LLC raised its position in AbbVie by 0.9% in the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after purchasing an additional 67 shares in the last quarter. Palisade Asset Management LLC grew its position in AbbVie by 65.6% in the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after acquiring an additional 38,562 shares during the period. First Hawaiian Bank lifted its holdings in shares of AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after acquiring an additional 2,657 shares during the period. Finally, PGGM Investments boosted its stake in shares of AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock valued at $5,624,000 after purchasing an additional 24,756 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 4.2 %

Shares of ABBV traded up $8.02 on Wednesday, hitting $197.47. The company’s stock had a trading volume of 2,234,981 shares, compared to its average volume of 5,277,850. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $348.71 billion, a price-to-earnings ratio of 58.03, a P/E/G ratio of 2.66 and a beta of 0.63. The firm’s fifty day moving average price is $193.75 and its 200-day moving average price is $178.75. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95.

AbbVie Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.32%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 completion of the transaction, the chairman now 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 legal filing with the SEC, which is available at this link. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. Barclays lifted their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Bank of America increased their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. BMO Capital Markets lifted their price objective on AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Morgan Stanley raised their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Truist Financial increased 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. 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, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $199.39.

Check Out Our Latest Report on ABBV

About AbbVie

(Free Report)

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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