Mutual of America Capital Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 263,266 shares of the company’s stock after selling 7,404 shares during the period. AbbVie comprises about 0.5% of Mutual of America Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Mutual of America Capital Management LLC’s holdings in AbbVie were worth $39,242,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC lifted its holdings in shares of AbbVie by 89,097.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after acquiring an additional 29,170,366 shares during the period. Norges Bank purchased a new position in shares of AbbVie during the 4th quarter worth about $3,033,348,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of AbbVie by 29,922.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,032,374 shares of the company’s stock worth $899,186,000 after acquiring an additional 6,012,281 shares during the period. Morgan Stanley lifted its holdings in shares of AbbVie by 17.9% during the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after acquiring an additional 4,785,277 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of AbbVie by 426.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock worth $754,155,000 after acquiring an additional 3,768,579 shares during the period. 67.86% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Stock Down 0.1 %
Shares of ABBV stock traded down $0.22 during mid-day trading on Thursday, reaching $174.79. 5,511,822 shares of the company were exchanged, compared to its average volume of 5,595,910. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $175.91. The company has a debt-to-equity ratio of 4.59, a quick ratio of 0.84 and a current ratio of 0.96. The company has a market capitalization of $314.62 billion, a P/E ratio of 64.24, a P/E/G ratio of 2.20 and a beta of 0.57. The business’s 50 day simple moving average is $158.60 and its 200 day simple moving average is $150.79.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on ABBV shares. Truist Financial increased their target price on shares of AbbVie from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday. The Goldman Sachs Group raised shares of AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 target price for the company in a research report on Monday, December 11th. BMO Capital Markets increased their target price on shares of AbbVie from $187.00 to $195.00 and gave the stock an “outperform” rating in a research report on Monday. William Blair raised shares of AbbVie from a “market perform” rating to an “outperform” rating in a research report on Monday, January 29th. Finally, HSBC downgraded shares of AbbVie from a “buy” rating to a “hold” rating and lowered their price objective for the company from $167.00 to $156.00 in a research report on Monday, December 18th. Eight investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $171.47.
Insider Buying and Selling
In related news, EVP Nicholas Donoghoe sold 2,912 shares of the firm’s stock in a transaction on Tuesday, December 26th. The stock was sold at an average price of $154.72, for a total transaction of $450,544.64. Following the transaction, the executive vice president now directly owns 55,903 shares in the company, valued at $8,649,312.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.26% of the stock is currently owned by company insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.
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