New York State Teachers Retirement System Sells 63,514 Shares of AbbVie Inc. (NYSE:ABBV)

New York State Teachers Retirement System cut its position in AbbVie Inc. (NYSE:ABBV) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,669,568 shares of the company’s stock after selling 63,514 shares during the quarter. AbbVie comprises about 0.7% of New York State Teachers Retirement System’s portfolio, making the stock its 21st biggest holding. New York State Teachers Retirement System owned approximately 0.09% of AbbVie worth $329,706,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairway Wealth LLC acquired a new stake in shares of AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter valued at approximately $27,000. Quest Partners LLC raised its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie in the 1st quarter worth approximately $37,000. Finally, Marquette Asset Management LLC bought a new stake in shares of AbbVie in the 3rd quarter valued at $39,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 2.1 %

AbbVie stock traded up $4.03 during midday trading on Wednesday, hitting $193.48. 1,300,332 shares of the stock were exchanged, compared to its average volume of 5,271,889. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. 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 business’s 50-day moving average price is $193.75 and its 200-day moving average price is $178.75. The stock has a market capitalization of $341.66 billion, a price-to-earnings ratio of 56.23, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

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 paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.39%. This is an increase from AbbVie’s previous quarterly dividend of $1.55. AbbVie’s payout ratio is presently 183.98%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Sanford C. Bernstein initiated coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Wells Fargo & Company raised their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Barclays boosted their price target on AbbVie from $200.00 to $212.00 and gave the company an “overweight” 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 research report on Thursday, October 10th. Finally, Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Four equities 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 company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $199.39.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

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.