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

CacheTech Inc. lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 6.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,713 shares of the company’s stock after selling 301 shares during the period. CacheTech Inc.’s holdings in AbbVie were worth $931,000 at the end of the most recent reporting period.

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

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of recent research reports. Bank of America increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note 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 note on Thursday, October 10th. 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 note on Thursday, October 17th. Morgan Stanley raised their target price on shares of AbbVie from $218.00 to $231.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, UBS Group raised their target price on shares of AbbVie from $195.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.00.

AbbVie Stock Down 0.2 %

AbbVie stock opened at $203.55 on Friday. The stock has a market cap of $359.54 billion, a P/E ratio of 70.68, a P/E/G 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 twelve month low of $135.85 and a twelve month high of $207.32. The company’s 50-day moving average price is $194.12 and its two-hundred day moving average price is $179.38.

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

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 issued a dividend of $1.64 per share. The ex-dividend date is Wednesday, January 15th. This is a boost from AbbVie’s previous quarterly dividend of $1.55. This represents a $6.56 annualized dividend and a dividend yield of 3.22%. AbbVie’s dividend payout ratio (DPR) is currently 215.28%.

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.