Pallas Capital Advisors LLC Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Pallas Capital Advisors LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,100 shares of the company’s stock after selling 291 shares during the quarter. Pallas Capital Advisors LLC’s holdings in AbbVie were worth $5,708,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Fairway Wealth LLC bought a new position in AbbVie in the second quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $27,000. Marquette Asset Management LLC bought a new stake in AbbVie during the third quarter valued at about $39,000. Redmont Wealth Advisors LLC purchased a new position in AbbVie in the first quarter valued at about $37,000. Finally, Quest Partners LLC raised its holdings in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In related 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 transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ABBV has been the subject of a number of analyst reports. Barclays increased their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. TD Cowen raised their price target on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Sanford C. Bernstein started coverage on shares of AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $199.39.

AbbVie Stock Up 1.0 %

Shares of ABBV opened at $189.67 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market cap of $334.93 billion, a P/E ratio of 56.28, a PEG ratio of 2.66 and a beta of 0.63. The stock’s 50 day moving average is $193.88 and its two-hundred day moving average is $178.56. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is presently 183.98%.

AbbVie Company 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.