State Farm Mutual Automobile Insurance Co. Has $1.06 Billion Stock Position in AbbVie Inc. (NYSE:ABBV)

State Farm Mutual Automobile Insurance Co. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,962,359 shares of the company’s stock after selling 25,484 shares during the period. AbbVie accounts for about 1.0% of State Farm Mutual Automobile Insurance Co.’s investment portfolio, making the stock its 29th biggest holding. State Farm Mutual Automobile Insurance Co. owned 0.34% of AbbVie worth $1,059,511,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Groupama Asset Managment raised its holdings in shares of AbbVie by 40.3% in the 3rd quarter. Groupama Asset Managment now owns 135,749 shares of the company’s stock valued at $27,000 after purchasing an additional 38,974 shares during the period. Fiduciary Advisors Inc. bought a new stake in AbbVie in the fourth quarter valued at approximately $29,000. Promus Capital LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of AbbVie during the 4th quarter worth approximately $31,000. Finally, Retirement Wealth Solutions LLC bought a new stake in AbbVie in the 4th quarter valued at $35,000. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on ABBV. Wells Fargo & Company upped their price objective on shares of AbbVie from $210.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Guggenheim increased their price objective on AbbVie from $212.00 to $214.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Truist Financial raised their price target on shares of AbbVie from $211.00 to $217.00 and gave the stock a “buy” rating in a research report on Monday, February 3rd. Daiwa America lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 5th. Finally, Morgan Stanley increased their price target on AbbVie from $224.00 to $239.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $211.45.

Insider Buying and Selling

In other news, EVP Timothy J. Richmond sold 29,917 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $202.90, for a total value of $6,070,159.30. Following the transaction, the executive vice president now directly owns 44,284 shares of the company’s stock, valued at $8,985,223.60. The trade was a 40.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kevin K. Buckbee sold 18,944 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $203.41, for a total value of $3,853,399.04. Following the sale, the senior vice president now directly owns 11,496 shares of the company’s stock, valued at $2,338,401.36. This represents a 62.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,639 shares of company stock valued at $11,067,025 over the last ninety days. 0.25% of the stock is owned by company insiders.

AbbVie Stock Up 1.2 %

NYSE:ABBV opened at $205.12 on Friday. The company has a debt-to-equity ratio of 17.94, a current ratio of 0.66 and a quick ratio of 0.55. AbbVie Inc. has a one year low of $153.58 and a one year high of $218.66. The firm’s 50 day simple moving average is $197.50 and its 200 day simple moving average is $189.02. The company has a market cap of $362.85 billion, a PE ratio of 85.47, a P/E/G ratio of 1.62 and a beta of 0.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 31st. The company reported $2.16 earnings per share for the quarter, missing the consensus estimate of $2.98 by ($0.82). AbbVie had a return on equity of 296.28% and a net margin of 7.59%. During the same quarter in the prior year, the firm posted $2.79 earnings per share. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, April 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is 273.33%.

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.